- PulteGroup Inc (NYSE:PHM) reported first-quarter FY22 total revenue growth of 16.8% year-over-year to $3.19 billion, beating the consensus of $3.07 billion.
- Home sale revenues $3.1 billion (+18%) and Financial Services revenue $84.14 million (-20.7% Y/Y).
- Home sales revenues were driven by an 18% Y/Y increase in average sales price to $508,000, as closings of 6,039 homes were consistent with the prior year,
- Adjusted EPS improved to $1.83 from $1.28 in 1Q21, beating the consensus of $1.71.
- Home sale gross margin expanded 350 bps to 29%. Adjusted operating margin expanded by 360 bps to 18.2%.
- Net new orders decreased 19% Y/Y to 7,971 homes, reflecting a 7% reduction in community count. The value of net new orders increased 2% Y/Y to $4.7 billion.
- PulteGroup had a contract backlog of 19,935 sold homes valued at $11.5 billion.
- PulteGroup generated cash from operating activities of $207.67 million, compared to $176.75 million a year ago.
- PHM ended Q1 with $1.2 billion of cash. It repurchased 10.3 million common shares for $500 million, or an average price of $48.59 per share. The debt-to-capital ratio was 21.5% at quarter-end.
- Price Action: PHM shares are trading higher by 4.90% at $43.69 on the last check Thursday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
PulteGroup Stock Gains On Q1 Beat, Registers 18% Home Sale Revenue Growth
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks