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UPDATE: Pulte Group (PHM) Posts Q4 adj.-EPS of 34c; New Orders Up 27%

January 31, 2013 6:34 AM EST Send to a Friend
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(Updated - January 31, 2013 6:37 AM EST)

Pulte Group (NYSE: PHM) reported Q4 adjusted EPS of $0.34, $0.03 better than the analyst estimate of $0.31. Revenue for the quarter came in at $1.57 billion versus the consensus estimate of $1.5 billion.

Home sale revenues in the fourth quarter ended December 31, 2012, totaled $1.5 billion, an increase of 27% over the prior year's fourth quarter. The increase in revenue was driven by a 20% increase in closings to 5,154 homes, combined with a 6% increase in average selling price to $287,000. The higher average selling price reported for the quarter reflects price increases, as well as a continued shift in product mix to include more move-up homes being closed in the period.

For the quarter, the Company reported 3,926 net new orders, an increase of 27% over prior year orders of 3,084. The dollar value of net new orders in the quarter was $1.2 billion, an increase of 41% over the prior year order value of $828 million. The Company operated out of 4% fewer communities in the fourth quarter of 2012 compared with the comparable prior year period. Contract backlog at year end was valued at $1.9 billion and totaled 6,458 homes, which represent increases of 82% and 65%, respectively, over the prior year.

For earnings history and earnings-related data on Pulte Group (PHM) click here.

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