PLANO, Texas, December 17, 2018 — Green Brick Partners, Inc. (NASDAQ: GRBK) (“we,” “Green Brick” or the “Company”) today announced preliminary 2018 guidance and issued earnings guidance for 2019.
Green Brick estimates projected basic and adjusted net income attributable to Green Brick for the fourth quarter of 2018 to be in the range of $12.6 million to $13.6 million and $16.8 million to $18.2 million, respectively, and projected basic and adjusted earnings per share to be in the range of $0.25 to $0.27 per common share and $0.33 to $0.36 per common share, respectively.
Green Brick estimates projected basic and adjusted net income attributable to Green Brick for full year 2018 to be in the range of $50.9 million to $51.9 million and $69.1 million to $70.5 million, respectively, and projected basic and adjusted earnings per share to be in the range of $1.00 to $1.02 per common share and $1.36 to $1.39 per common share, respectively.
Additionally, Green Brick projects its 2019 basic and adjusted earnings per share will grow modestly while maintaining net debt to capital in the targeted 35% +/- range.
“Good demand still exists in all of our markets and sub markets; however, the increase in interest rates has made affordability an issue for some buyers and the industry more competitive. We are pleased with our progress in 2018 and look forward to continuing to grow our business in 2019.” said Jim Brickman, CEO of Green Brick Partners, Inc.
The Company’s earnings forecasts are subject to numerous risks and uncertainties, including, without limitation, those described under “Forward-Looking and Cautionary Statements” below and under “Risk Factors” in its annual and quarterly reports filed with the Securities and Exchange Commission (SEC).
Reconciliation of Non-GAAP Financial Measures:
In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.