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Green Brick Partners Q3 profit climbs 41.1% YOY

Green Brick Partners Inc. said its third-quarter normalized net income was 4 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS fell 67.8% year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.0 million, a gain of 41.1% from $1.4 million in the prior-year period.

The normalized profit margin declined to 2.7% from 2.9% in the year-earlier period.

Total revenue rose 51.4% on an annual basis to $75.2 million from $49.7 million, and total operating expenses climbed 57.4% year over year to $68.5 million from $43.5 million.

Reported net income declined 21.1% from the prior-year period to $2.9 million, or 6 cents per share, from $3.7 million, or 33 cents per share.