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Mar 31, 2024
Green Brick Q1 2024 Earnings Report
Green Brick reported record first quarter results with a diluted EPS of $1.82, up 32.8% year-over-year, and a record homebuilding gross margin of 33.4%, up 580 basis points.
Key Takeaways
Green Brick Partners reported record results for the first quarter of 2024. Diluted earnings per share reached a record $1.82, a 32.8% increase year-over-year. The company delivered 821 homes, generating $443.1 million in home closings revenue. Homebuilding gross margin was a record 33.4%.
Diluted EPS was $1.82, a record for any first quarter, up 32.8% year-over-year.
Homebuilding gross margin reached a record 33.4%, up 580 basis points.
Net new home orders totaled 1,071, flat year-over-year and up 58% sequentially.
Backlog increased to $725 million, up 31.8% 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
The press release contains forward-looking statements regarding the company's expectations, beliefs, projections, plans, and strategies.
Positive Outlook
- Strategic advantages, including focus on infill and infill-adjacent locations, and the impact on future results
- Positioning to capture future demand and succeed in the current environment, including ability to maintain industry-leading performance and margins
- Ability to successfully implement growth strategy, including expectations for expansion and growth of Trophy brand within DFW and into Austin and Houston, and ancillary business opportunities
- Expectations regarding trends in markets, such as demographic trends and demand for single-family homes
- Strategies to maintain the strength of balance sheet and financial flexibility, and positioning in the industry
Challenges Ahead
- Changes in macroeconomic conditions, including increased interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify
- General economic conditions, seasonality, cyclicality and competition in the homebuilding industry
- Shortages, delays or increased costs of raw materials and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed ability to increase prices
- A shortage of qualified labor
- Inability to acquire land in current and new markets at anticipated prices or difficulty in obtaining land-use entitlements
Revenue & Expenses
Visualization of income flow from segment revenue to net income