Pulte Group Shares Slide After Reducing Q3, FY21 Home Closing Outlook

Pulte Group Inc PHM has updated select guidance for Q3 and FY21. Pulte sees Q3 closings to increase about 8% Y/Y to 7,000 homes (prior outlook 7,300 - 7,600 homes).
It expects Q3 gross margin of 26.4% - 26.6% (prior 26.8%).
Pulte Group expects FY21 closings to rise 19% - 21%Y/Y to 29,250 - 29,750 homes (prior 30,500 homes).
"Despite the extraordinary efforts of our trade partners, the supply chain issues that have plagued the industry throughout the pandemic have increased during the second half of the year," said CEO Ryan Marshall.
The company noted increased supply chain disruptions and shortages of key building products continue to impact the pace of homebuilding operations.
Pulte's Q2 revenue of $3.36 billion missed the consensus estimate of $3.51 billion.
Price Action: PHM shares are trading lower by 4.14% at $50.52 on the last check Wednesday.