PulteGroup (NYSE: PHM) reported Q1 EPS of $0.24, $0.04 better than the analyst estimate of $0.20. Revenue for the quarter rose 28% to $1.4 billion versus the consensus estimate of $1.36 billion.

Higher revenues for the quarter were driven by a 17% increase in closings to 3,945 homes in combination with a 9% increase in average selling price to $353,000.

"PulteGroup has gotten off to a strong start in 2016, with increased investment driving growth in the business as the value of net new orders increased 24% to $2.1 billion and our backlog expanded by 31% to $3.4 billion," said Richard J. Dugas, Jr., Chairman and CEO of PulteGroup. "We continued to deliver strong margin performance through our focus on better community locations, strategic pricing and construction efficiencies, while enhancing our overall liquidity and maintaining a superior balance sheet that gives us the flexibility to capitalize on market opportunities as they develop."

"Looking to the broader housing market, we remain pleased with overall demand and expect new home sales will continue to move higher over the coming years as the industry benefits from an improving economy, ongoing employment and wage gains, low interest rates, a limited supply of homes and the gradual release of pent-up demand," added Dugas. "We believe our business is extremely well positioned to be successful in this type of operating environment given our disciplined investment practices and focus on investing in high returning projects."

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