Green Brick Partners Inc (GRBK) has reported a 63.56 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $7.68 million, or $0.16 a share in the quarter, compared with $4.69 million, or $0.10 a share for the same period last year. On an adjusted basis, earnings per share were at $0.28 for the quarter compared with $0.16 in the same period last year. Revenue during the quarter surged 40.06 percent to $119.76 million from $85.51 million in the previous year period. Gross margin for the quarter expanded 461 basis points over the previous year period to 24.38 percent. Total expenses were 84.36 percent of quarterly revenues, down from 90.28 percent for the same period last year. This has led to an improvement of 592 basis points in operating margin to 15.64 percent.
Operating income for the quarter was $18.73 million, compared with $8.31 million in the previous year period.
“Our superior land and lot positions combined with a significant improvement in our operations resulted in pre-tax earnings for the fourth quarter of $13.7 million, up 80% over 2015” said James R. Brickman, Green Brick's chief executive officer. “Pre-tax earnings for the year of $39.0 million was up 60% over 2015 and backlog was up 23% compared to December 31, 2015. Yet again, we are 100% engaged to continue to improve our results in 2017.”
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