PulteGroup Inc. reported Tuesday first-quarter profit and revenue that rose well above expectations, as closings and average sales prices increased. The...
PulteGroup Inc. PHM reported Tuesday first-quarter profit and revenue that rose well above expectations, as closings and average sales prices increased. The homebuilder’s stock edged up less than 0.1% in premarket trading. Net income rose to $532.3 million, or $2.35 a share, from $454.7 million, or $1.83 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.82. Revenue grew 13.5% to $3.58 billion, above he FactSet consensus $3.26 billion.
35 a share, from $454.7 million, or $1.83 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.82. Revenue grew 13.5% to $3.58 billion, above he FactSet consensus $3.26 billion. Home closings increased 6% to 6,394 homes, boosted by the company’s decision to increase the availability of quick move-in homes, and the average sales price rose 9% to $545,000. Gross orders increased 1% to 8,898 homes, while net new orders fell 8% to 7,354 homes.
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