PulteGroup (PHM) Tops Q4 EPS by 11c, Revenues Beat

PulteGroup (NYSE: PHM) reported Q4 EPS of $1.49, $0.11 better than the analyst estimate of $1.38. Revenue for the quarter came in at $3.19 billion versus the consensus estimate of $3.1 billion.

“PulteGroup’s fourth quarter operating and financial results attest to the ongoing strength of the housing market as we generated 24% growth in net new orders, realized a 220 basis point increase in gross margin and generated more than $500 million of operating cash flow in the period,” said Ryan Marshall, PulteGroup President and CEO. “Our fourth quarter and full-year 2020 performance enable PulteGroup to enter 2021 with tremendous momentum supported by our outstanding operating metrics and a backlog of more than 15,000 homes.

“Given our strong operating cash flow and $2.6 billion of cash, we have the financial flexibility to allocate capital consistent with our stated priorities of investing in the business, paying our dividend, returning excess funds to shareholders through share repurchases, and the pay down of debt.

“The ongoing strength in demand for new homes is broad based and continues to benefit from low mortgage rates, years of underbuilding new homes, a limited supply of homes for sale, and an increasing desire for homeownership and single-family living,” added Marshall. “Beyond these supports, we believe the pandemic has caused a permanent increase in the number of people who will be working from home which has meaningful implications on the sustained need for new homes going forward.”

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

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