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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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