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Tuesday, August 08, 2017 9:35:22 AM
Second Quarter Basic EPS of $0.16 and Basic Adjusted EPS of $0.25, up 14.3% and 13.6%; Second Quarter Pre-Tax Income of $12.0 million, up 9.9%; Second Quarter Revenue of $105.0 million, up 6.1%; Backlog of $165.2 million, up 17.7%
PLANO, TX--(Marketwired - August 07, 2017) - Green Brick Partners, Inc. (NASDAQ: GRBK) ("we," "Green Brick" or the "Company"), today reported results for its second quarter ended June 30, 2017.
Results for the Second Quarter Ended June 30, 2017:
Basic net income attributable to Green Brick per common share ("EPS") for the three months ended June 30, 2017 was $0.16, an increase of 14.3%, compared to $0.14 for the three months ended June 30, 2016. Basic adjusted net income attributable to Green Brick per common share ("Adjusted EPS") for the three months ended June 30, 2017 was $0.25, an increase of 13.6%, compared to $0.22 for the three months ended June 30, 2016. See "Reconciliation of Non-GAAP Financial Measures."
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.
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.
Results for the Six Months Ended June 30, 2017:
Basic EPS for the six months ended June 30, 2017 was $0.28, an increase of 40.0%, compared to $0.20 for the six months ended June 30, 2016. Basic Adjusted EPS for the six months ended June 30, 2017 was $0.45, an increase of 40.6%, compared to $0.32 for the six months ended June 30, 2016. See "Reconciliation of Non-GAAP Financial Measures."
For the six months ended June 30, 2017, the Company had: pre-tax income of $22.1 million, an increase of 42.8%, compared to $15.5 million for the six months ended June 30, 2016; gross profit of $44.2 million, an increase of 21.0%, compared to $36.5 million for the six months ended June 30, 2016; and revenue of $204.3 million, an increase of 21.0%, compared to $168.9 million for six months ended June 30, 2016.
Builder operations revenue for the six months ended June 30, 2017 was $193.7 million, an increase of 20.8%, compared to $160.4 million for the six months ended June 30, 2016. Land development revenue for the six months ended June 30, 2017 was $10.5 million, an increase of 23.6%, compared to $8.5 million for the six months ended 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's Chief Executive Officer. "We currently own or control just under 5,400 home sites, up over 900 lots, from 2016. Our adjusted homebuilding gross margin of 22.4% was among the highest in the industry."
Earnings Conference Call:
We will host our earnings conference call to discuss our second quarter ended June 30, 2017 at 12:00 p.m. Eastern Time on Tuesday, August 8, 2017. The call can be accessed by dialing 800-374-0137 for domestic participants or 904-685-8013 for international participants.
Participants should reference conference ID code 58946666. A replay of the call will be available from approximately 3:00 p.m. Eastern Time on August 8, 2017 through 11:59 p.m. Eastern Time on August 15, 2017. To access the replay, the domestic dial-in number is 855-859-2056, the international dial-in number is 404-537-3406 and the conference ID code is 58946666.
Change in Classification:
Certain indirect project costs previously classified as salary expense and selling, general and administrative expense have been classified as cost of residential units for the three and six months ended June 30, 2016 to properly present cost of residential units, salary expense, and selling, general and administrative expense.
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About Green Brick Partners, Inc.:
Green Brick Partners, Inc. (NASDAQ: GRBK) is a uniquely structured company that combines residential land development and homebuilding. The Company acquires and develops land, provides land and construction financing to its controlled builders and participates in the profits of its controlled builders. The Company owns a controlling interest in four homebuilding companies in Dallas, Texas (CB JENI Homes DFW LLC, Normandy Homes (a division of CB JENI), Southgate Homes DFW LLC, and Centre Living Homes, LLC), as well as a leading homebuilder in Atlanta, Georgia (The Providence Group of Georgia, L.L.C.). The Company is engaged in all aspects of the homebuilding process, including land acquisition and the development, entitlements, design, construction, marketing and sales and the creation of brand images at its residential neighborhoods and master planned communities. For more information about Green Brick Partners, Inc.'s homebuilding partners go to www.greenbrickpartners.com/building-partners.html.
http://www.marketwired.com/press-release/green-brick-partners-inc-reports-strong-second-quarter-2017-results-nasdaq-grbk-2229204.htm
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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