PulteGroup (PHM) Tops Q4 EPS by 8c

PulteGroup (NYSE: PHM) reported Q4 EPS of $0.67, ex-benefit $0.08 better than the analyst estimate of $0.59. Revenue for the quarter came in at $2.4 billion versus the consensus estimate of $2.32 billion.

Higher revenues for the period were driven by a 9% increase in closings to 6,197 homes, combined with an 11% increase in average selling price to $391,000. The Company\'s average selling price continues to benefit from a shift in the mix of homes closed, along with price increases realized by all three of the Company's national brands: Centex, Pulte Homes and Del Webb.

"With the gains achieved in our fourth quarter results, PulteGroup completed a year in which it realized significant growth, including double-digit year-over-year increases in orders, closings, revenues, net income and backlog," said Ryan Marshall, President and CEO of PulteGroup. "Consistent with the Company\'s long-term objectives, our outstanding 2016 operating results drove strong returns on invested capital, which we view as an important component to delivering increased shareholder value over the housing cycle.

"The gains PulteGroup realized for the quarter and full year reflect the successful investments we are making into our business, in combination with the positive demand conditions that continue in the housing market. We believe that continued favorable trends in the economy, job growth, demographics and consumer confidence can more than offset the impact of modestly higher rates, allowing the housing recovery to continue at a steady pace.

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

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