Green Brick Partners, Inc., Plano (NASDAQ: GRBK) late Monday reported net income of $7.69 million, or $0.16 per share, compared with $6.74 million, or $0.14 per share, for its second quarter ended June 30, 2017. The gain met analyst expectations.
For the three months ended June 30, 2017, the Company had: pre-tax income of $12.0 million, an increase of 9.9%, compared to $11.0 million for the three months ended June 30, 2016; gross profit of $22.9 million, an increase of 3.7%, compared to $22.1 million for the three months ended June 30, 2016; and revenue of $105.0 million, an increase of 6.1%, compared to $98.9 million for three months ended June 30, 2016.
Deliveries rose 11.8% to 237. The average price declined to $423,397 from $442.132. New orders were up 13% to 270.
Builder operations revenue for the three months ended June 30, 2017 was $100.3 million, an increase of 7.1%, compared to $93.7 million for the three months ended June 30, 2016. Land development revenue for the three months ended June 30, 2017 was $4.6 million, a decrease of 11.5%, compared to $5.2 million for the three months ended June 30, 2016.
The dollar value of backlog units as of June 30, 2017 was $165.2 million, an increase of 17.7% compared to June 30, 2016. The average sales price of homes in backlog increased $41,812, or 9.1%, to $498,955 for the three months ended June 30, 2017, compared to $457,143 for the three months ended June 30, 2016.
Homes under construction increased 8.2% to 714 as of June 30, 2017, compared to 660 as of June 30, 2016.
“We had a great second quarter where backlog increased almost 18% from 2016 and more importantly net new home orders increased 13%,” said James R. Brickman, Green Brick CEO. “We currently own or control just under 5,400 home sites, up over 900 lots, from 2016. Our adjusted home building gross margin of 22.4% was among the highest in the industry.”
