Green Brick Partners Inc. said its normalized net income for the fourth quarter came to 8 cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

EPS decreased 31.6% year over year from 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.9 million, an increase of 31.2% from $3.0 million in the year-earlier period.

The normalized profit margin increased to 4.5% from 4.4% in the year-earlier period.

Total revenue grew 26.5% on an annual basis to $85.5 million from $67.6 million, and total operating expenses climbed 31.6% from the prior-year period to $77.2 million from $58.6 million.

Reported net income declined 85.9% from the prior-year period to $4.5 million, or 9 cents per share, from $31.6 million, or $1.24 per share.

For the year, the company's normalized net income totaled 29 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 35 cents.

EPS declined 63.7% from 79 cents in the prior year.

Normalized net income was $11.5 million, a fall from $11.6 million in the prior year.

Full-year total revenue increased 18.3% on an annual basis to $291.1 million from $246.1 million, and total operating expenses grew 23.0% on an annual basis to $258.9 million from $210.4 million.

The company said reported net income declined 69.5% on an annual basis to $15.2 million, or 38 cents per share, in the full year, from $50.0 million, or $3.40 per share.