- PulteGroup, Inc. PHM reported third-quarter FY21 total revenue growth of 18% year-over-year to $3.479 billion, missing the consensus of $3.51 billion.
- Home sale revenues $3.32 billion (+18%) and Financial Services revenue $91.48 million (-14.4% Y/Y).
- Home sales revenues were driven by a 9% increase in closings to 7,007 homes, combined with an 8% increase in the average price of homes closed to $474,000.
- Adjusted EPS improved to $1.82 compared to $1.34 in 3Q20, in line with consensus.
- Home sale gross margin was 26.5% for the quarter, an increase of 200 bps, and the operating margin expanded by 200 bps to 16.9%.
- Net new orders decreased 17% Y/Y to 6,796 homes, reflecting a 14% reduction in community count. The value of net new orders increased 4% Y/Y to $3.8 billion.
- PulteGroup's unit backlog increased 33% Y/Y to 19,845 homes. The backlog value at the end of the period was $10.3 billion (+56% Y/Y).
- The company repurchased 2% of its common shares for $261 million, at an average price of $51.07 per share.
- The company had a debt-to-capital ratio of 22.4% and a net debt-to-capital ratio of 5.7%.
- PulteGroup generated cash from operating activities year-to-date of $548.23 million, compared to $1.2 billion a year ago.
- "The housing industry continues to experience robust demand, but significant disruptions in the manufacture and supply of many building products are extending overall build cycles," noted Ryan Marshall, PulteGroup President and CEO.
- Price Action: PHM shares are trading lower by 2.69% at $48.52 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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