PulteGroup (PHM) Misses Q4 EPS by 1c, Approves $500M Buyback
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Revenue Growth %: 0.0%
Financial Fact:
Land sale cost of revenues: 11.43M
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SHIM, KOD, HEWA, More
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PulteGroup (NYSE: PHM) reported Q4 EPS of $0.85, $0.01 worse than the analyst estimate of $0.86. Revenue for the quarter came in at $2.7 billion versus the consensus estimate of $2.82 billion.
“Reflecting the continued strength of housing demand, the value of new orders in the quarter increased 22% over the prior year, helping to grow our year-end backlog to a 12-year high of $4.0 billion,” said Ryan Marshall, President and CEO of PulteGroup. “Consistent with our strategic objectives, we leveraged a 12% increase in quarterly revenues into a 27% increase in adjusted earnings per share.”
“Ongoing gains in profitability and cash flow generation, which allowed us to reinvest in our business while repurchasing 11% of our outstanding common shares in 2017, also gave our Board the confidence to announce today a $500 million increase to our share repurchase plan,” added Marshall. “Given expectations for further expansion in the economy, along with ongoing gains in employment and buyer demand, we remain highly constructive on the industry. With our large backlog and robust land pipeline, we are well positioned to continue growing our business and building even greater value for our shareholders.
In a separate press release issued today, the Company announced that its Board of Directors approved an increase to its existing share repurchase plan of $500 million. As of December 31, 2017, the Company had $94 million of authorization remaining in its share repurchase plan. The Company expects that share repurchases will be made from time to time in the open market, through privately negotiated transactions or otherwise subject to market conditions, applicable legal requirements, and other relevant factors.
For earnings history and earnings-related data on PulteGroup (PHM) click here.
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