Pultegroup, Inc. - PHM STOCK NEWS

Richard Dreiling, Lead Independent Director of Lowe's Home Improvement (NYSE:LOW) and Executive Chairman of Dollar Tree (NYSE:DLTR), has been praised by the Pulte Family for his service on the independent Board of Directors of PulteGroup (NYSE:PHM). Dreiling's leadership included a term as chair of the nominating and governance committee. Following his departure, PulteGroup has decided not to replace him, resulting in a smaller independent board with nine members. Dreiling continues his roles at Kellogg and Lowe's.

PulteGroup, Inc. (NYSE: PHM) has declared a quarterly dividend of $0.15 per common share, payable on July 5, 2022, to shareholders of record on June 10, 2022. This dividend announcement reflects the company’s ongoing commitment to returning value to shareholders. PulteGroup is a leading homebuilding company operating in over 40 markets across the United States, emphasizing its diverse brand portfolio that caters to various buyer groups.

PulteGroup, Inc. (NYSE: PHM) will participate in the J.P. Morgan Homebuilding & Building Products Conference on May 16, 2022, at 8:15 a.m. (ET). Investors can access the webcast via the Company’s website under the Investor Relations section. PulteGroup is a leading homebuilder in the U.S., operating in over 40 markets and catering to diverse buyer groups through brands like Pulte Homes, Centex, and Del Webb. The company focuses on creating remarkable living spaces for its customers.

The Pulte Family has invested $2.45 million in OpenDoor, aiming to enhance the efficiency of the housing marketplace. OpenDoor is recognized for its innovative approach to connecting buyers and sellers in the housing industry. A representative from the Pulte Family highlighted the potential for growth in technology adoption within homebuilding, underscoring OpenDoor's position to capitalize on this trend. Additionally, the Pulte Family retains the ability to manage their securities actively, which may impact their investment strategy in the future.

PulteGroup (PHM) reported a robust first quarter for 2022, with net income of $455 million, or $1.83 per share, up 43% year-over-year. Home sale revenues surged 18% to $3.1 billion, driven by an 18% increase in average sales price to $508,000. Gross margin expanded by 350 basis points to 29.0%. Despite a 19% decrease in net new orders to 7,971 homes, their value rose 2% to $4.7 billion. The company repurchased 10.3 million shares for $500 million and had a strong debt-to-capital ratio of 21.5%. Moody's upgraded its credit rating, reflecting solid financial health.