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Sep 30, 2024
Green Brick Q3 2024 Earnings Report
Reported record third quarter results with significant year-over-year growth in home closings revenue and diluted EPS.
Key Takeaways
Green Brick Partners reported a record third quarter in 2024, marked by a 25.7% increase in home closings revenue year-over-year, reaching $522.9 million. Diluted EPS also saw a significant rise of 26.9% to $1.98. Net new home orders increased by 11.3% to 877 units.
Home closings revenue reached a record $522.9 million, up 25.7% year-over-year.
Diluted EPS increased by 26.9% year-over-year to a record $1.98 per share.
Net new home orders grew by 11.3% year-over-year to 877 units.
Homebuilding gross margin remained strong at 32.7%.
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 Partners expects to achieve record revenue for the fiscal year 2024.
Positive Outlook
- Demographic shifts and housing supply shortage will continue to bolster the industry.
- Green Brick is well poised to capitalize on pent-up housing demand and industry tailwinds.
- Active selling communities and homes under construction are up year-over-year.
- Superior land and lot positions will continue to serve as the springboard for growth.
- Finished lot costs as a percentage of home closings revenue to remain essentially flat for 2024 and 2025.
Challenges Ahead
- General economic conditions, seasonality, cyclicality and competition in the homebuilding industry.
- Changes in macroeconomic conditions, including increasing interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify.
- 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 our ability to increase prices.
- Significant periods of inflation or deflation.
- A shortage of qualified labor.
Revenue & Expenses
Visualization of income flow from segment revenue to net income