Green Brick reports Q3 EPS $1.56, consensus $1.45

Reports Q3 revenue $419M, consensus $410.91M.”Green Brick produced another outstanding quarter, highlighted by our $1.56 EPS and by gross margins and sales orders far outperforming the market. Benefiting from a more normalized supply chain, lower construction costs, and fewer incentives in our supply-constrained markets, homebuilding gross margin improved 90 bps year-over-year and 200 bps sequentially to 33.3%, the highest among public homebuilders and the best in company history,” said Jim Brickman, CEO and Co-Founder. “Cycle times for homes closed during the third quarter improved another 41 days sequentially, allowing us to close 16% more homes this quarter. Additionally, we ramped up starts by 79% year-over-year to 879 for the quarter, bringing year-to-date starts in line with our delivery pace for the year. We anticipate continuing to start homes at a robust pace to meet demand in our high-performing markets in Texas, Georgia and Florida.”accretive for our growth story. Our balance sheet is stronger than ever. At the end of the quarter, we had $223 million of cash and $360 million in available borrowings in our lines of credit, with a net debt to total capital ratio of 9.0%. Virtually all our outstanding debt was long term and carried a weighted average interest rate of 3.3%.”