PulteGroup (PHM) Tops Q2 EPS by 14c, Revenues Beat

PulteGroup (NYSE: PHM) reported Q2 EPS of $0.89, $0.14 better than the analyst estimate of $0.75. Revenue for the quarter came in at $2.57 billion versus the consensus estimate of $2.37 billion.

• Reported Net Income Per Share of $1.12 Reflects Favorable Impact of Insurance Adjustments, Land Sale Gains and Lower Tax Rate
• Revenue Growth and Operational Gains Drive 89% Year-Over-Year Increase in Adjusted Net Income Per Share to $0.89
• Home Sale Revenues Increased 25% to $2.5 Billion
• Reported Gross Margin Increased to 24.0%
• Reported Operating Margin of 14.8%; Adjusted Operating Margin Increased 180 Basis Points Over Prior Year to 13.2%
• Value of Net New Orders Increased 3% to $2.7 Billion; Net New Orders Decreased 1% to 6,341 Homes
• Backlog Value Increased 17% to $5.2 Billion; Backlog Increased 11% to 11,845 Homes

“Working against our defined strategic plan, our operating teams continue to do an outstanding job as revenues increased 25%, adjusted gross margin increased 60 basis points, and adjusted EPS surged 89%,” said Ryan Marshall, President and Chief Executive Officer of PulteGroup. “Given the operating and financial gains we have realized through the first half of 2018, and with almost 12,000 homes in backlog, we are well positioned to deliver outstanding full-year results.”

“We continue to see U.S. housing demand being supported by a number of positive market dynamics including an expanding economy, ongoing growth in jobs and wages, historically low unemployment, and sustained high levels of consumer confidence,” added Mr. Marshall. “With our strong land pipeline and ability to serve all primary buyer groups, we believe PulteGroup is well positioned to grow its business within this market environment, while continuing to generate high financial returns.”

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

You May Also Be Interested In

• Morgan Stanley CEO: investment banking momentum is building - Conference Call
• UnitedHealth Group (UNH) Tops Q1 EPS by 29c, Tops on Revenue; Offers FY24 EPS Guidance
• Xcel Brands (XELB) Misses Q4 EPS by 8c