IRVINE, CA—TRI Pointe Group has announced its results for the third quarter, saying new home orders increased 24%, and a 36% jump in revenue.

New home orders increased to 996 compared to 803, an increase of 24%. New home deliveries also increased 35% compared the the third quarter of 2014 to 1,138.

"TRI Pointe Group delivered another strong quarter marked by year-over-year growth in revenues, net income and orders", commented CEO Doug Bauer. "In addition, the Company's third quarter results met or exceeded our guidance for new home deliveries, homebuilding gross margins and community openings. These achievements are a reflection of TRI Pointe Group's success in combining and integrating the six homebuilding brands, and the strength of the deeply experienced operating teams in each of their local markets."

Homebuilding gross margin percentage for the third quarter of 2015 increased to 21.0% compared to 18.3% for the same period in 2014 and increased sequentially from 20.0% during the second quarter of 2015. Excluding interest and impairments and lot option abandonments in cost of home sales, adjusted homebuilding gross margin percentage was 23.1% for the third quarter of 2015 versus 20.0% for the same period in 2014.

"While California continues to be the main driver of earnings for our Company, each of the TRI Pointe brands continues to make solid contributions to the bottom line", said Tom Mitchell, TRI Pointe Group's president and chief operating officer. "We are extremely pleased with the level of execution demonstrated by each of our brands."

For the fourth quarter of 2015, TRI Pointe Group anticipates delivering approximately 75% - 80% of its 1,856 units in backlog as of September 30.  The company also expects to expand homebuilding gross margin for the fourth quarter sequentially from the third quarter and ending with a full year 2015 homebuilding gross margin of approximately 21%.

following a 2014 merger with Wyerhauser

In July 2014, 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.