PulteGroup (NYSE: PHM) reported Q1 EPS of $1.28, $0.08 better than the analyst estimate of $1.20. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $2.89 billion.

• Reported Net Income of $1.13 Per Share
• Adjusted Net Income of $1.28 Per Share
• Closings Increased 12% to 6,044 Homes
• Home Sale Gross Margin of 25.5%
• Net New Orders Increased 31% to 9,852 Homes; Net New Order Value Increased 42% to $4.6 Billion
• Backlog Increased 50% to 18,966 Homes with a Value of $8.8 Billion
• Debt-to-Capital Lowered to 23.3%, as Company Paid Down $726 Million of Senior Notes in the Quarter
• Company Repurchased 3.3 Million Shares for $154 million in the Quarter
• Company Increases Share Repurchase Authorization by $1.0 Billion

“The year has gotten off to an outstanding start with strong demand across all of our markets and buyer groups which helped drive a 31% increase in net new orders, including a 49% gain in active-adult sales,” said Ryan Marshall, PulteGroup President and CEO. “In the first quarter, we continued to capitalize on this favorable demand environment as we expanded our adjusted operating margin by 280 basis points and generated a 60% increase in adjusted earnings per share.”

“Gains in our core homebuilding operations and resulting strong cash flows are allowing us to invest in future growth and return funds to shareholders, while helping to generate high returns on equity which increased to 24.4%* for the trailing 12 months.”

“Along with the important underpinnings of favorable demographics, low interest rates and improving consumer confidence, industry demand is benefiting from increased desire for single family living, the ability for new homes to better meet buyer wants and needs and from a limited supply of new and existing home inventory,” added Marshall. “The need for almost 4 million additional homes as recently estimated by Freddie Mac to meet buyer demand, and expectations for an acceleration in economic growth as the pandemic continues to recede, keep us optimistic about future housing conditions and the opportunity to drive additional gains in our business results.”

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