- Adjusted profit in quarter beats estimates by 10 cents a share
- CEO Brickman expects continued sales, profit improvement
David Einhorn’s Green Brick Partners Inc. rallied in New York trading after the real estate investment company announced a sales gain and fourth-quarter profit that topped analysts’ estimates.
Green Brick jumped $1.07, or 17 percent, to $7.39 at 4 p.m., erasing this year’s losses. Adjusted earnings were 16 cents a share in the last three months of 2015, the Plano, Texas-based company said after markets closed Thursday in a statement listing preliminary results. That compares with the average estimate of 6 cents in a Bloomberg survey of three analysts.
The rally is another bright spot in the early months of this year for Einhorn, the hedge fund manager who is also chairman of Green Brick. Fourth-quarter revenue from the sale of residential units jumped 34 percent to $75.1 million.
“Even after that strong closing performance, we continue to be encouraged headed into 2016,” Chief Executive Officer James Brickman said in the statement. “We expect to see continued improvement in our top and bottom line.”
Einhorn’s main hedge fund rose 3.3 percent this year through February, after slumping about 20 percent in 2015. His Greenlight Capital Re Ltd. insurer has advanced 17 percent since Dec. 31.
Green Brick said the results remain subject to change as an audit is still in process. The company plans to file its annual report to the Securities and Exchange Commission by March 30.