Green Brick Partners, Inc. (NYSE:GRBK) Q1 2024 Earnings Conference Call May 2, 2024 12:00 PM ET
Company Participants
Richard Costello - CFO
James Brickman - Co-Founder and CEO
Jed Dolson - President and COO
Conference Call Participants
Carl Reichardt - BTIG
Alexander Rygiel - B. Riley
Jay McCanless - Wedbush
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Green Brick Partners, Inc. First Quarter 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there’ll be a question-and-answer session. [Operator Instructions]
I would now hand today’s call over to Rick Costello, CFO. Please go ahead sir.
Richard Costello
Welcome to Green Brick Partners Earnings Call for the First Quarter ended March 31, 2024. 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.
On the call today is Jim Brickman, Co-Founder and Chief Executive Officer; Jed Dolson, President and Chief Operating Officer; and myself, Rick Costello, Chief Financial Officer. Some of the information discussed on this call is forward-looking, including the company's financial and operational expectations for 2024 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 2, 2024, and the company has no obligation to update any forward-looking statement 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'll turn the call over to Jim. Jim?
James Brickman
Thank you Rick. I'm pleased to share that Greenbrick kicked off 2024 with excellent first quarter results highlighted by diluted earnings per share of $1.82. It was a record for any first quarter in company history. We also achieved a record home building gross margin of 33.4%, which again was the highest in the home building industry as shown on slide four.
The solid performance was driven by our superior locations and high growth markets, strong demand for our new homes, our investment grade balance sheet, and most importantly, excellent execution by our hardworking teams. Our book value grew 27% from a year ago to $29.67 per share at the end of the first quarter of 2024, as we again generated an attractive return on equity of 25.5% for the quarter on an annualized basis.