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- PulteGroup, Inc. PHM reported second-quarter revenue growth of 29.5% year-over-year to $3.36 billion, missing the consensus of $3.51 billion.
- Adjusted EPS of $1.72 missed the consensus of $1.75.
- Net new orders increased 28%Y/Y to 8,322 homes, and the value of new orders increased by 59% to $4.3 billion.
- Home sale revenues increased 31% Y/Y to $3.2 billion, driven by a 22% increase in closings to 7,232 homes and a 7% increase in average sales price to $447,000.
- Homebuilding gross margin expanded by 270 bps to 26.6%.
- At the end of the quarter, the company's backlog was 20,056 homes, increasing 52% Y/Y.
- The dollar value of homes in backlog was $9.8 billion (+70% Y/Y).
- The company repurchased 3.6 million of its common shares for $200 million, or an average price of $55.84 per share.
- PulteGroup generated cash by operating activities year-to-date of $432.07 million, compared to $807.87 million a year ago.
- The debt-to-capital ratio decreased to 22.7% and had a net debt-to-capital ratio of 4.5%.
- Price action: PHM shares are trading lower by 0.60% at $53.05 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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