Housing

Homebuilder PulteGroup Beats EPS Estimate, Revenues Light

PulteGroup Inc. (NYSE: PHM) reported second-quarter adjusted earnings per share (EPS) of $0.11 and $1.07 billion in revenue this morning. Adjusted EPS were sharply up from a loss of $0.15 in the same period a year ago, while revenue was up from $927.3 million. The results compare to the Thomson Reuters consensus estimates for EPS of $0.05 and $1.11 billion in revenue.

The homebuilder did not offer any guidance for either the third quarter or the full year. The consensus estimate for third-quarter EPS is $0.13 and the full-year estimated EPS is $0.30.

The company’s president and CEO noted:

With each passing quarter, we grow more confident that new home demand has found its footing and is moving along a path toward a gradual recovery.

Selling prices rose 8% year-over-year in the second quarter to an average of $268,000. The value of the company’s order backlog rose 31% to $2.2 billion. Net new orders in the second quarter were up 32% to 5,578 units, which also represents a 12% sequential gain.

Shares are inactive in premarket trading having closed last night at $10.02 in a 52-week range of $3.29 to $11.48. Thomson Reuters had a consensus analyst price target of $10.99 before today’s results were announced.

Paul Ausick

Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE

Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.