Green Brick Partners, Inc. (NYSE:GRBK) Q1 2023 Earnings Conference Call May 3, 2023 12:00 PM ET
Company Participants
Jim Brickman - Co-Founder and Chief Executive Officer
Rick Costello - Chief Financial Officer
Jed Dolson - Chief Operating Officer
Conference Call Participants
Jay McCanless - Wedbush
Carl Reichardt - BTIG
Alex Rygiel - B. Riley
Operator
Good afternoon, and welcome to the Green Brick Partners' Earnings Call for the First Quarter ended March 31, 2023. Following today's remarks, we will hold a Q&A session. As a reminder, this call is being recorded and will be available for playback. In addition, a presentation will accompany today's webcast and is also available on the Company's website at investors.greenbrickpartners.com.
Joining us on the call today is Jim Brickman, Co-Founder and Chief Executive Officer; Rick Costello, Chief Financial Officer; and Jed Dolson, Chief Operating Officer. Some of the information discussed on this call is forward-looking, including the Company's financial and operational expectations for 2023 and beyond.
In yesterday's press release and SEC filings, the company detailed material risks that may cause its future results to differ from its expectations. The company's statements are as of today, May 4th 2023, and the Company has no obligation to update any forward-looking statements it may make.
The comments also include non-GAAP financial metrics. The reconciliation of these metrics and the other information required by Regulation G can be found in the earnings release that the company issued yesterday and in the presentation available on the company's website.
With that, I will now turn the call over to Jim Brickman.
Jim Brickman
Thank you. I am extremely pleased to report that Green Brick started 2023 with the best first quarter results in our history. During the first quarter of 2023, we delivered 761 homes, which was a record number for any first quarter and led to a 24% year-over-year growth in home closing revenues of $449 million. This revenue level was also a record for any first quarter.
As opposed to margin degradation seen among many of the public homebuilders, Green Brick was able to sustain a homebuilding gross margin of 27.6%, one of the highest among homebuilders and up 140 basis points sequentially from Q4, 2022.
Net income during the first quarter was $64 million and earnings per diluted share grew 14% year-over-year to $1.37. Again, both income measures were records for any first quarter.
Our strong land and lot position and operational execution yield and an annualized return on equity of 24.4%. Additionally, we returned $15.4 million back to shareholders during the quarter through our stock buyback repurchase program.