PulteGroup Clocks 36% Revenue Growth In Q4, Tops Consensus; Boosts Buyback - PulteGroup (NYSE:PHM)

PulteGroup Inc (NYSE:PHM) reported fourth-quarter FY21 total revenue growth of 36.5% year-over-year to $4.36 billion, beating the consensus of $4.22 billion.
Home sale revenues $4.22 billion (+38%) and Financial Services revenue $100.9 million (-4.8% Y/Y).
Home sales revenues were driven by a 26% increase in closings to 8,611 homes and a 10% increase in average sales price to $490,000.
Adjusted EPS improved to $2.51 compared to $1.53 in 4Q20, beating the consensus of $2.31.
Home sale gross margin was 26.8% for the quarter, an increase of 180 bps, and the adjusted operating margin expanded by 280 bps to 18.1%.
Net new orders decreased 4% Y/Y to 6,796 homes, reflecting a 14% reduction in community count. The value of net new orders increased 16% Y/Y to $3.8 billion.
PulteGroup's unit backlog increased 19% Y/Y to 18,003 homes. At the end of the period, the backlog value was $9.9 billion (+45% Y/Y).
PulteGroup generated cash from operating activities for FY21 of $1 billion, compared to $1.78 billion a year ago.
The company approved a $1 billion increase to its share purchase authorization. As of December 31, 2021, the company had $458 million available under its prior share repurchase authorization.
"Although ongoing supply chain disruptions continue to challenge our industry, we believe that our size, growing community count, and an available inventory of new homes have us well-positioned to grow our business in 2022 while continuing to deliver exceptional returns," said CEO Ryan Marshall.
Price Action: PHM shares are trading higher by 2.49% at $54.00 during the premarket session on Tuesday.

PHMPulteGroup Inc

$126.560.02%

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