Green Brick Partners Inc (GRBK) has reported an 120.91 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $6.24 million, or $0.13 a share in the quarter, compared with $2.83 million, or $0.06 a share for the same period last year. On an adjusted basis, earnings per share were at $0.20 for the quarter compared with $0.10 in the same period last year.
Revenue during the quarter grew 21.90 percent to $91.67 million from $75.20 million in the previous year period. Gross margin for the quarter expanded 338 basis points over the previous year period to 24.28 percent. Total expenses were 87.63 percent of quarterly revenues, down from 90.33 percent for the same period last year. This has led to an improvement of 270 basis points in operating margin to 12.37 percent.
Operating income for the quarter was $11.34 million, compared with $7.27 million in the previous year period.
“I am very pleased with our strong third quarter, with $9.9 million in pre-tax income, a robust backlog and significant year-to-date increases in housing revenue and other metrics,” said James R. Brickman, Green Brick's chief executive officer. “Especially encouraging has been the improvement to our homebuilding gross margin percentage. Many of our peers have experienced declining margins, but because of our superior lot position, strong markets and unique structure, our adjusted gross margin percentage rose to 24.5% in the third quarter of 2016.”
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