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Jun 30, 2021
Green Brick Q2 2021 Earnings Report
Reported record results for the second quarter ended June 30, 2021.
Key Takeaways
Green Brick Partners reported record second-quarter results with total revenues of $373.8 million, up 60.5%, and income before income taxes of $74.0 million, up 104.4%. The company's backlog increased by 118.2% to $974.3 million, and the home building gross margin rose by 360 bps. Record lots owned and controlled were up 132.7%.
Total revenues reached a record $373.8 million, a 60.5% increase year-over-year.
Income before income taxes hit a record $74.0 million, up 104.4% year-over-year.
Backlog surged to $974.3 million, representing a 118.2% increase year-over-year.
Home building gross margin improved by 360 bps.
Revenue by Segment
Forward Guidance
Green Brick expects revenues and earnings to continue to grow sequentially each quarter this year. The company believes its focus on price over pace will sustain industry-leading margins and strong financial performance through the remainder of 2021.
Positive Outlook
- Revenues and earnings are expected to grow sequentially each quarter this year.
- Focus on land development and dominant market presence.
- Superior capacity to source new land.
- Units under construction are up 95% compared to the previous year.
- Pricing power in core markets of Dallas-Ft. Worth and Atlanta.
Challenges Ahead
- Potential continuing impacts from the COVID-19 pandemic.
- Shortages, delays, or increased costs of raw materials.
- Shortage of labor.
- Inability to acquire land at anticipated prices or difficulty in obtaining land-use entitlements.
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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