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Dec 31, 2023
Green Brick Q4 2023 Earnings Report
Reported record fourth quarter earnings driven by strong demand and efficient construction cycle times.
Key Takeaways
Green Brick Partners reported a strong fourth quarter in 2023, with record home deliveries and increased diluted EPS. The company's strategic focus on high-growth markets and efficient operations contributed to its success.
Delivered a record 825 homes, a 13.5% increase year-over-year.
Homebuilding gross margin was 31.4%, up 520 bps year-over-year.
Diluted EPS increased 33.9% year-over-year to $1.58 per share.
Net new home orders increased 60.5% 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 Partners is well-positioned for continued growth and profitability, focusing on strategic markets and efficient operations. The company anticipates strong demand and is expanding into new markets like Houston.
Positive Outlook
- Favorable demographic shifts and strong employment in key markets.
- Limited competition in infill and infill-adjacent locations.
- Low leverage and cost of debt enabling retention of profits for growth.
- Strategic advantages in key markets.
- Scalability in the Houston market with the Trophy brand.
Challenges Ahead
- Changes in macroeconomic conditions, including increased interest rates and inflation.
- Shortages, delays, or increased costs of raw materials and labor.
- Inability to acquire land at anticipated prices or difficulty in obtaining land-use entitlements.
- Failure to recruit, retain, or develop highly skilled employees.
- Lack of availability or volatility of mortgage financing for homebuyers.
Revenue & Expenses
Visualization of income flow from segment revenue to net income