Green Brick Partners (GRBK) Tops Q1 EPS by 3c

Green Brick Partners (NASDAQ: GRBK) reported Q1 EPS of $0.13, $0.03 better than the analyst estimate of $0.10.

• Basic net income attributable to Green Brick per common share ("EPS") for the three months ended March 31, 2017 was $0.13, an increase of 116.7%, compared to $0.06 for the three months ended March 31, 2016. Basic adjusted net income attributable to Green Brick per common share ("Adjusted EPS") for the three months ended March 31, 2017 was $0.21, an increase of 133.3%, compared to $0.09 for the three months ended March 31, 2016. See "Reconciliation of Non-GAAP Financial Measures."
• 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.

"We had a great first quarter with Q1 pretax income of $10.1 million which was up 123% from 2016," said James R. Brickman, Green Brick's Chief Executive Officer. "I am extremely proud of our team's hard work and operational progress. On March 25

For earnings history and earnings-related data on Green Brick Partners (GRBK) click here.

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