TRI Pointe Group, Inc. (TPH) has reported 71.30 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $8.19 million, or $0.05 a share in the quarter, compared with $28.55 million, or $0.18 a share for the same period last year.
Revenue during the quarter dropped 7.25 percent to $393.39 million from $424.14 million in the previous year period.
Cost of revenue went down marginally by 1.91 percent or $6.20 million during the quarter to $319.13 million. Gross margin for the quarter contracted 442 basis points over the previous year period to 18.88 percent.
Total expenses were almost stable at $381.04 million, when compared with the previous year period. Operating margin for the quarter contracted 709 basis points over the previous year period to 3.14 percent.
However, the adjusted EBITDA for the quarter stood at $27.68 million compared with $57.58 million in the prior year period. At the same time, adjusted EBITDA margin contracted 654 basis points in the quarter to 7.04 percent from 13.58 percent in the last year period.
"I am pleased to announce that 2017 is off to a strong start," said TRI Pointe Group chief executive officer Doug Bauer. "Orders grew 13% in the first quarter on a year-over-year basis thanks to a 10% increase in average selling community count and a strong absorption rate of 3.5 orders per community per month. Deliveries and homebuilding gross margins came in ahead of our projections due to solid execution by our teams in the field. These results, combined with the continued progress we made in bringing our long dated California land assets to market, put us in an excellent position to achieve our goals for this year and beyond."
Real estate inventory stood at $3,046.09 million as on Mar. 31, 2017. Net receivables were at $66 million as on Mar. 31, 2017, up 101.91 percent or $33.31 million from year-ago. Accounts payable increased 9.64 percent or $6.51 million to $74.12 million on Mar. 31, 2017.
Total assets grew 11.31 percent or $365.64 million to $3,599.72 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,745.92 million as on Mar. 31, 2017, up 15.38 percent or $232.69 million from year-ago.
Return on assets moved down 66 basis points to 0.23 percent in the quarter. At the same time, return on equity moved down 122 basis points to 0.44 percent in the quarter.
Debt moves upTotal debt was at $1,419.91 million as on Mar. 31, 2017, up 14.11 percent or $175.58 million from year-ago. Shareholders equity stood at $1,853.80 million as on Mar. 31, 2017, up 7.73 percent or $132.95 million from year-ago. As a result, debt to equity ratio went up 4 basis points to 0.77 percent in the quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
