PulteGroup (NYSE: PHM) reported Q1 EPS of $0.74, $0.04 better than the analyst estimate of $0.70. Revenue for the quarter came in at $2.2 billion versus the consensus estimate of $2.32 billion.

• Company Provides Update on COVID-19 Impact and Response Strategies
• Company First Quarter Net Income of $0.74 Per Share
• Closings Increased 16% to 5,373 Homes
• Home Sale Gross Margin Increased 30 Basis Points to 23.7%
• Net New Orders Increased 16% to 7,495 Homes; Net New Order Value Increased 19% to $3.3 Billion
• Unit Backlog Higher by 20% to 12,629 Homes; Backlog Value Increased 21% to $5.6 Billion
• Company Maintains Outstanding Liquidity and Balance Sheet Strength

“The U.S. housing industry carried tremendous momentum into 2020, until the devastating effects of the COVID-19 pandemic began impacting the country,” said Ryan Marshall, PulteGroup President and CEO. “As the coronavirus spread and state and local governments implemented various restrictions and stay-in-place orders, we experienced a material slowdown in consumer traffic and sales activity beginning in mid-March.”

Mr. Marshall added, “In response to the pandemic’s impact, we have altered our operating processes and short-term objectives to help protect the health and safety of our customers and employees, while working to properly position our business for the current economic crisis and ultimate business recovery. As part of this effort, we are maximizing the use of technology to enable the virtual selling, design and closing of our homes. Where in-person interactions are required, we have implemented appropriate social-distancing practices and enhanced on-site cleaning and disinfecting processes.”

“Within those markets where residential construction has been deemed an essential service, we have also refined our building practices to help ensure our trades can operate safely and with appropriate distancing within our homes. We are also working closely with our trade partners to maintain building and cost efficiencies during this period of volatility.”

“Benefitting from our success in running a highly profitable and high returning business, we entered this period of economic weakness in an extremely strong financial position. Still, given the severity of the slowdown and the general uncertainty about the speed of recovery in the U.S. economy, we have taken steps to closely manage our cash flows and overall liquidity. Broadly, our focus is on minimizing future cash outflows associated with home construction, land development, land acquisition and general operating costs, while maximizing cash inflows through home closings.”

“Given the extent of business disruption and the uncertainty relating to government efforts to restart local economies, we are withdrawing our previous guidance for PulteGroup’s 2020 financial results and will suspend providing such guidance for the foreseeable future. Beyond the business implications of COVID-19, we are fully aware of the devastating personal impacts this disease is having. Our thoughts and best wishes go out to the people impacted by this virus and to all those battling to control its spread.”

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