Homebuilder Pulte (PHM) reports mixed Q3 results

PulteGroup (NYSE: PHM) reported mixed figures for its third quarter.

The company’s Q3 EPS of $2.90 came in $0.06 better than the analyst estimate of $2.84. Revenue for the quarter was $4 billion, weaker than the consensus estimate of $4.05 billion.

“PulteGroup’s third quarter results show a continuation of recent positive trends, as top line revenue growth combined with strong margin performance drove record third quarter earnings of $2.90 per share,” said Ryan Marshall, PulteGroup President and CEO.

Net income increased by 8% while home sale revenues also showed a 3% increase, reaching $3.9 billion, with a home sale gross margin of 29.5%.

The company saw a substantial 43% increase in net new orders, totaling 7,065 homes with a value of $3.8 billion. Additionally, the unit backlog amounted to 13,547 homes with a value of $8.1 billion.

In the quarter, the company repurchased $300 million of common shares and retired $65 million of senior notes.

By Senad Karaahmetovic

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