Green Brick Partners, Inc (GRBK) has reported 100.29 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $6.20 million, or $0.13 a share in the quarter, compared with $3.09 million, or $0.06 a share for the same period last year. On an adjusted basis, earnings per share were at $0.21 for the quarter compared with $0.09 in the same period last year. Revenue during the quarter surged 42 percent to $99.34 million from $69.96 million in the previous year period. Gross margin for the quarter expanded 82 basis points over the previous year period to 21.43 percent. Total expenses were 88.35 percent of quarterly revenues, down from 92.24 percent for the same period last year. This has led to an improvement of 389 basis points in operating margin to 11.65 percent.
Operating income for the quarter was $11.57 million, compared with $5.43 million in the previous year period.
“We had a great first quarter with Q1 pretax income of $10.1 million which was up 123% from 2016,” said James R. Brickman, Green Brick’s Chief Executive Officer. “I am extremely proud of our team’s hard work and operational progress. On March 25th, Green Brick Partners was named Developer of the Year by the Dallas Homebuilders Association and our builders won numerous awards for best single family home and townhome designs. We believe that our superior neighborhoods and home designs will continue to translate into high profit margins and superior results for our investors.”
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