Green Brick Partners, Inc., Plano, Tex. (NASDAQ: GRBK) after market close Monday reported net income of $6.2 million, or $0.13 per share, for first quarter ended March 31, 2017. The gain compares with a profit of $3.1 million ($0.06 per share) in the comparable quarter last year. Analysts were expecting a profit of $0.10 per share.
For the three months ended March 31, 2017, the Company had: pre-tax income of $10.1 million, an increase of 122.5%, compared to $4.5 million for the three months ended March 31, 2016; gross profit of $21.3 million, an increase of 47.7%, compared to $14.4 million for the three months ended March 31, 2016; and revenue of $99.3 million, an increase of 42.0%, compared to $70.0 million for three months ended March 31, 2016.
Builder operations revenue for the three months ended March 31, 2017 was $93.4 million, an increase of 40.2%, compared to $66.6 million for the three months ended March 31, 2016. Land development revenue for the three months ended March 31, 2017 was $5.9 million, an increase of 78.4%, compared to $3.3 million for the three months ended March 31, 2016.
The dollar value of backlog units as of March 31, 2017 was $145.2 million, an increase of 12.4% compared to March 31, 2016. The average sales price of homes in backlog increased $25,735, or 5.6%, to $487,128 for the three months ended March 31, 2017, compared to $461,393 for the three months ended March 31, 2016.
Homes under construction increased 15.5% to 625 as of March 31, 2017, compared to 541 as of March 31, 2016.
Said James R. Brickman, Green Brick’s CEO, “I am extremely proud of our team’s hard work and operational progress. On March 25, Green Brick Partners was named Developer of the Year by the Dallas Home Builders Association and our builders won numerous awards for best single family home and townhome designs. We believe that our superior neighborhoods and home designs will continue to translate into high profit margins and superior results for our investors.”
