PulteGroup Inc PHM reported fourth-quarter total revenue growth of 18.6% year-over-year to $5.17 billion Tuesday, beating the consensus estimate of $4.59 billion.
Adjusted EPS of $3.63 beat the consensus of $2.93.
Home sale revenue of $5.05 billion was higher by 19.7% year-over-year and financial services revenue of $72.1 million was down 28.6% year-over-year.
Home sales revenue was led by a 17% increase in average sales price to $571,000 and a 3% increase in closings to 8,848 homes.
Homebuilding gross margin expanded by 200 bps to 28.8%. The adjusted operating margin expanded by 250 bps to 20.6%.
Net new orders decreased 41% year-over-year to 3,964 homes as higher mortgage rates, reduced affordability and lower consumer confidence slowed demand.
The value of net new orders decreased 43% year-over-year to $2.15 billion. PulteGroup's unit backlog at the quarter's end was 12,169 homes, down 32.$5 year-over-year. The dollar value of homes in the backlog was $7.67 billion, down 22.2% year-over-year.
The company ended the quarter with $1.09 billion in cash and a debt-to-capital ratio of 18.7%.
CEO Ryan Marshall said, "While demographics, supply dynamics, and the overall financial benefits of home ownership keep us confident about long-term demand, Federal Reserve actions to fight inflation through higher interest rates continued to impact homebuying demand in the quarter."
PHM Price Action: PHM shares are trading higher by 1.17% at $52.60 premarket on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.