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PulteGroup +2.6% after Q2 beats as homebuyers return to market

Jul. 23, 2019 7:37 AM ETPulteGroup, Inc. (PHM) StockBy: Liz Kiesche, SA News Editor3 Comments
  • PulteGroup (NYSE:PHM) climbs 2.6% in premarket trading after Q2 EPS of 86 cents exceeds the consensus estimate of 82 cents.
  • Compares with adjusted EPS of 89 cents in the year-ago quarter.
  • “As reflected in our results, consumer activity remains high as homebuyers are returning to the market following a period of softer demand in the back half of 2018,”  said President and CEO Ryan Marshall.
  • Q2 home sale revenue fell 2% Y/Y to $2.4B; reflects a 1% increase in average sales price to $430,000, offset by a 3% decrease in closings to 5,589.
  • Gross margin of 23.1% compares with 24.0% in Q2 2018.
  • Net new orders for Q2 increased 7% Y/Y to 6,792 homes; dollar value of net new orders incresed 7% Y/Y to $2.9B.
  • Unit backlog at the end of the quarter was 11,793 homes comparable with prior year backlog of 11,845 homes; average sales price of homes in backlog was $433K, down 1% Y/Y.
  • Conference call at 8:30 AM ET.
  • Previously: PulteGroup EPS beats by $0.04, beats on revenue (July 23)

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