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Mar 31, 2021
Green Brick Q1 2021 Earnings Report
Reported record first quarter results with a diluted earnings per share of $0.51, backlog of $995.7 million, net new home orders up 71.2%, home building gross margin up 230 bps, and lots owned and controlled up 118.1%.
Key Takeaways
Green Brick Partners reported record results for the first quarter ended March 31, 2021, with net income attributable to Green Brick growing to $123.7 million over the last twelve months, a 100% increase. The company's net new home orders and ending backlog reached all-time records, increasing by 28% and 45% over Q4 2020 levels, respectively.
Net income attributable to Green Brick grew to $123.7 million over the last twelve months, a 100% increase year-over-year.
Net new home orders reached 1,082, a record for any quarter since the Company’s inception.
Ending backlog reached $996 million, a record for the company.
Lots owned and controlled increased by 118% year-over-year.
Green Brick
Green Brick
Green Brick Revenue by Segment
Revenue by Segment
Residential Units Revenue
CapyFin.comLand and Lots Revenue
CapyFin.com Forward Guidance
Green Brick anticipates closings to grow substantially beginning in the second quarter of 2021.
Positive Outlook
- Company expects closings to grow substantially beginning in the second quarter of 2021.
- Capacity to source highly profitable land.
- Maintaining a low debt to capital ratio.
- Company believes efforts will produce heightened earnings beginning next quarter and each successive quarter this year.
- Expanding total lots owned and controlled.
Challenges Ahead
- Impacted by the coronavirus pandemic.
- Experienced price increases.
- Experienced shortages.
- Experienced significant extensions to lead time for the delivery of materials such as lumber, appliances and windows.
- Severe Texas snowstorm that impacted construction schedules, leading to the deferral of approximately 40 home closings into the second quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income