IRVINE, CA—TRI Pointe Homes, Inc. said Friday that first-quarter new home orders were up 79% over last year. The company also reported a 31% jump in deliveries and net income of $15.3%.

Last July, TRI Pointe consummated the merger with Weyerhaeuser Real Estate Company (WRECO). The merger was accounted for as a “reverse acquisition” of TRI Pointe by WRECO. As a result, legacy TRI Pointe's financial results are only included in the combined company's financial statements from the closing date forward and are not reflected in the combined company's historical financial statements. Accordingly, legacy TRI Pointe's financial results are not included in the GAAP results for the three months ended March 31, 2014 included in this press release. The company has appended Supplemental Combined Company Information to this press release to provide supplemental financial and operational information of the combined company that is “adjusted” to include legacy TRI Pointe's standalone operations for the relevant periods prior to the merger.

“2015 is off to a great start for TRI Pointe”, said CEO Doug Bauer. “We sold 3.5 homes per community per month in the first quarter of 2015, compared to 2.5 homes per community in the first quarter of 2014. This improvement in sales pace can be attributed to the implementation of TRI Pointe's operating philosophy across our homebuilding platform as well as an overall improvement in market conditions. In addition to the increased sales pace, homebuilding operating margins expanded 130 basis points compared to the GAAP operating margins from the same period last year, thanks to better than projected gross margins and continued fixed cost leverage. These improvements, combined with the opening of 16 new communities in the quarter and excellent new land positions make us very optimistic about the future of our company.”