Green Brick Partners, Inc. (NASDAQ: GRBK), Plano, Tex. on Monday reported net income for the three months ended June 30, 2016 was $9.4 million or $0.14 per share, up from $7 million, or $.12 per share, in last year's quarter. Analysts were looking for $0.12 a share.

For the quarter, the company reported pre-tax income of $11.0 million, an increase of 85.2%, compared to $5.9 million for the three months ended June 30, 2015; gross profit of $23.6 million, an increase of 37.1%, compared to $17.2 million for the three months ended June 30, 2015; and revenue of $98.9 million, an increase of 37.4%, compared to $72.0 million for three months ended June 30, 2015.

The Green Brick Partners clubhouse at Bellmoore Park in Johns Creek, Ga.
The Green Brick Partners clubhouse at Bellmoore Park in Johns Creek, Ga.

Builder operations revenue for the three months ended June 30, 2016 was $93.7 million, an increase of 55.3%, compared to $60.4 million for the three months ended June 30, 2015. Land development revenue for the three months ended June 30, 2016 was $5.2 million compared to $11.6 million for the three months ended June 30, 2015. The decrease in land development revenue is due to an increase in lot sales to Green Brick's builders where revenue is not recognized until the house closing.

The dollar value of backlog units as of June 30, 2016 was $140.3 million, an increase of 37.1% compared to June 30, 2015. The average sales price of homes in backlog increased $45,894, or 11.2%, to $457,143 for the three months ended June 30, 2016, compared to $411,249 for the three months ended June 30, 2015.

Homes under construction increased 26.4% to 660 as of June 30, 2016, compared to 522 as of June 30, 2015. The company owns controlling interests in the companies that build the homes, which include The Providence Group, CB Jeni Lifestyle Homes, Normandy Homes, Southgate Homes, Providence Luxury Homes and Centre Living Homes.

Said James R. Brickman, CEO, "Our strong $99 million revenue and 85% increase in pre-tax earnings in the second quarter were the result of Green Brick's and our builders' dedication, hard work and superior long term lot positions. Despite our record closings, our backlog still rose 9% from Q1 2016 and 37% from Q2 2015. Our financial results should continue to improve over the long term. Thank you for your support."