Homebuilder PulteGroup Beats EPS Estimate, Revenues Light
PulteGroup Inc. (NYSE: PHM) reported second-quarter adjusted earnings per share (EPS) of $0.11 and $1.07 billion in revenue this morning. Adjusted EPS were sharply up from a loss of $0.15 in the same period a year ago, while revenue was…
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The homebuilder did not offer any guidance for either the third quarter or the full year. The consensus estimate for third-quarter EPS is $0.13 and the full-year estimated EPS is $0.30.
The company’s president and CEO noted:
With each passing quarter, we grow more confident that new home demand has found its footing and is moving along a path toward a gradual recovery.
Selling prices rose 8% year-over-year in the second quarter to an average of $268,000. The value of the company’s order backlog rose 31% to $2.2 billion. Net new orders in the second quarter were up 32% to 5,578 units, which also represents a 12% sequential gain.
Shares are inactive in premarket trading having closed last night at $10.02 in a 52-week range of $3.29 to $11.48. Thomson Reuters had a consensus analyst price target of $10.99 before today’s results were announced.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.