Pultegroup's quarterly profit, revenue fall amid sluggish demand for homes
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Houses are seen in Livingston Square, a construction of the PulteGroup, in Livingston, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly/File Photo
April 23 (Reuters) - Homebuilder Pultegroup on Thursday posted a drop in profit and revenue for the first quarter, as rising inflation keeps homebuyers on the sidelines.
• CEO Ryan Marshall said domestic and global dynamics hurt demand.
• Homebuilding sector has struggled with declining sales for multiple quarters, as years of underproduction amid labor shortages and restrictive land zoning have pushed home prices higher.
• "We see a consumer with concerns about affordability and the economy," Marshall said.
• The company announced a $1.5 billion increase in share buyback program.
• Home sale gross margin decreased to 24.4% for the first quarter, from 27.5% a year ago.
• Total revenue for the quarter ended March 31 came at $3.41 billion, compared with $3.89 billion a year ago.
• On a diluted basis, Pultegroup reported a quarterly profit of $1.79 per share, compared with $2.57 per share a year ago.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Sahal Muhammed)
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