Home Deliveries and Margin Performance
Delivered 2,486 homes, hitting the high end of guidance, with an adjusted homebuilding gross margin of 20.1%, slightly up sequentially.
Cost Management Success
Reduced direct construction costs by 3% year-to-date and maintained stable land costs, contributing to improved margins.
Community Growth
Third-quarter ending community count of 321 communities increased by 5% year-over-year, with expectations for mid-single-digit percentage growth by year-end.
Financial Metrics
Sequential improvement in pretax income by 710%, and net income of $37 million, or $1.25 per diluted share.
Leverage and Liquidity
Completed refinancing of 2027 senior notes, improving debt maturity profile with no senior debt maturing until August 2029. Ended the quarter with $836 million of liquidity.