Wed, Oct 30, 8:28 PM (64 days ago)
For the quarter ending September 30, 2024, Green Brick Partners, Inc. (GRBK) reported significant growth in residential units revenue, reaching $522.9 million, a 25.7% increase from $415.9 million in Q3 2023. The number of homes delivered rose 26.8%, while the average sales price slightly decreased by 0.8%. The gross profit margin for residential units was 32.7%, down 60 bps year-over-year, attributed to product mix and increased incentives. Net income attributable to GRBK was $89.1 million, up from $72.2 million in the prior year, with diluted earnings per share increasing to $1.98. Cash and cash equivalents decreased to $80.1 million from $179.8 million, primarily due to increased inventory levels. The company maintained a strong balance sheet with a debt to total capitalization ratio of 16.4% and a net debt to total capitalization ratio of 12.5%. Despite uncertainties in the housing market, including rising interest rates and inflation, GRBK remains focused on strategic growth opportunities and maintaining positive cash flows. The outlook suggests continued operational strength, supported by a robust pipeline of new home orders and active selling communities.