- Revenue: $1.702B in QQ2 2024, up 8.6% YoY and 15.4% QoQ.
- Gross profit: $449.7M, gross margin 26.42% (vs 24.4% prior year), up 200+ bps YoY; operating margin 16.81%; net margin 13.60%.
- Net income: $231.6M; diluted EPS $6.31; YoY EPS +25.6%, QoQ +24.6%.
- Absorption pace: 4.5 net sales per month in Q2 2024 (vs target 4.0); orders were 3,799, up 14% YoY; backlog conversion 136% generating 4,118 home deliveries.
- Backlog and inventory: ending backlog ~2,700 homes ( down from ~3,800 a year ago); 71k lots under control (4.7-year supply); 26% of total specs completed as move-in ready; 96% of closings sourced from previously started inventory.
- Balance sheet and liquidity: cash of $993M; net debt to capital 6.2%; revolving credit facility refinanced to $910M; Moody’s upgraded to investment grade.
- Capital allocation: land spend $631M in Q2; YTD land spend ~$1.1B; 2024-2025 land spend guidance $2.0–$2.5B; quarterly dividend increased to $0.75/share; share repurchases resumed post-convert lockup.
- Guidance: Full-year 2024 closings 14,750–15,500; home closing revenue $6.1–$6.3B; gross margin ~24.5–25%; effective tax rate ~22.5%; diluted EPS $19.80–$21.00; Q3 2024 guidance: 3,650–3,850 closings; revenue $1.5–$1.6B; gross margin 23.5–24%; EPS $4.60–$5.05.