Stock Track | Green Brick Partners Stock Plunges 8% on Disappointing Q3 Results, Housing Market Woes

Stock Track10-31

Shares of Green Brick Partners, Inc. (NYSE: GRBK) plunged over 8% in pre-market trading on Wednesday, following the homebuilder's weaker-than-expected third-quarter results and cautious outlook for the housing market.

For the quarter ended September 30, 2024, Green Brick reported revenue of $523.66 million, up 25% year-over-year but missing analysts' estimates of $541.67 million. Net income came in at $89.11 million, or $1.98 per diluted share, compared to $72.16 million, or $1.56 per share, in the prior-year quarter. However, earnings per share fell short of the consensus estimate of $2.07.

The company's homebuilding gross margin declined to 32.7% from 33.3% a year ago, reflecting higher construction costs and pricing pressure. While new home orders rose 11.3% to 877 units, the cancellation rate increased to 8.5% from 6.1% in the year-ago period, signaling softening demand amid ongoing challenges in the housing market.

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(NYSE: GRBK) plunged over 8% in pre-market trading on Wednesday, following the homebuilder's weaker-than-expected third-quarter results and cautious outlook for ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GRBK","symbol_name":"Green Brick Partners","start_time":0,"source_url":"","article_id":"1111388733","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1111388733","pubTimestamp":1730381488,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Green Brick Partners, Inc.  plunged over 8% in pre-market trading on Wednesday, following the homebuilder's weaker-than-expected third-quarter results and cautious outlook for the housing market.For the quarter ended September 30, 2024, Green Brick reported revenue of $523.66 million, up 25% year-over-year but missing analysts' estimates of $541.67 million. 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