PulteGroup (PHM) Misses Q3 EPS by 10c

PulteGroup (NYSE: PHM) reported Q3 EPS of $0.33, $0.10 worse than the analyst estimate of $0.43. Revenue for the quarter came in at $1.51 billion versus the consensus estimate of $1.77 billion.

Home sale revenues for the third quarter totaled $1.5 billion, compared with prior year revenue of $1.6 billion. The 6% decrease in revenue reflects a 6% decline in closings to 4,356 homes, partially offset by a 1% increase in average selling price to $336,000.

Net new orders for the third quarter totaled 4,092 homes, which is up 8% from prior year orders of 3,779 homes. On a dollar basis, third quarter signup value was $1.5 billion, which is an increase of 17% from the third quarter 2014 signup value of $1.3 billion. For the quarter, the Company operated from 611 active communities, which is up 2% from the prior year.

PulteGroup's quarter-end backlog values of $3.1 billion and 8,734 homes, are up 18% and 10%, respectively, over prior year backlog values of $2.6 billion and 7,934 homes. The Company's average selling price in backlog is $354,000, which is up 7% over the prior year and up 5% from the average price of homes closed in the third quarter of 2015.

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

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