Tri Pointe Homes, Inc. reported significant financial growth in its third quarter of 2024, with total revenues reaching $1,127.0 million, a 36% increase from $827.8 million in Q3 2023. Home sales revenue also saw a substantial rise, climbing to $1,113.7 million, up 35% from $825.3 million in the prior year. The company's homebuilding income from operations for the quarter was $139.3 million, compared to $83.3 million in Q3 2023, reflecting improved profitability.
Net income for Q3 2024 was $111.8 million, a 48% increase from $75.4 million in the same quarter last year. Basic earnings per share rose to $1.19, up from $0.77 in Q3 2023. For the nine months ended September 30, 2024, net income available to common stockholders was $328.8 million, compared to $210.9 million for the same period in 2023, with earnings per share increasing from $2.12 to $3.49.
The company’s total assets decreased to $4,779.3 million as of September 30, 2024, from $4,914.6 million at the end of 2023. Cash and cash equivalents also fell to $676.0 million from $868.9 million. However, total stockholders’ equity increased to $3,250.0 million, up from $3,011.0 million at the end of 2023, indicating a stronger equity position.
Tri Pointe's homebuilding gross margin improved to 23.3% in Q3 2024, up from 22.3% in the prior year. The company reported a total of 1,619 new home deliveries in Q3, a 32% increase from the previous year. However, net new home orders decreased by 17% to 1,252, attributed to elevated mortgage rates and seasonal market conditions.
Strategically, Tri Pointe expanded its operations, announcing new community openings in the greater Salt Lake City region in September 2023 and further expansions into Orlando, Florida, and the Coastal Carolinas in April 2024. The company also transitioned its Tri Pointe Connect mortgage operations to a wholly owned subsidiary effective February 2024, enhancing its financial services segment.
In terms of financing, Tri Pointe redeemed $450 million of 5.875% Senior Notes due June 2024 and reported a total debt of $997.7 million as of September 30, 2024, down from $1,382.6 million at the end of 2023. The company maintained compliance with all financial covenants and had total liquidity of $1.4 billion, including cash and available credit.
About Tri Pointe Homes, Inc.
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