Pultegroup, Inc. - PHM STOCK NEWS

PulteGroup (NYSE: PHM) reported strong Q2 2024 financial results, with earnings increasing 19% to $3.83 per share. Home sale revenues rose 10% to $4.4 billion, driven by an 8% increase in closings to 8,097 homes and a 2% increase in average sales price to $549,000. The company's gross margin improved by 30 basis points to 29.9%. Net new orders totaled 7,649 homes with a value of $4.4 billion. PulteGroup's backlog stood at 12,982 homes valued at $8.1 billion. The company repurchased $314 million of common shares and $300 million of senior notes in the quarter, demonstrating strong cash flow management.

PulteGroup (NYSE: PHM) has announced that Bob O'Shaughnessy, Executive Vice President and CFO, plans to retire at the end of 2025. As part of the company's succession plan, Jim Ossowski, currently Senior VP of Finance, will succeed O'Shaughnessy as CFO.

O'Shaughnessy will continue as CFO through early February 2025, then remain with PulteGroup as Executive VP until the end of 2025. Ossowski will be promoted to Executive VP and CFO effective February 2025, overseeing accounting, tax, audit, risk management, and treasury functions.

Ossowski brings 22 years of experience with PulteGroup, including managing the $16 billion homebuilding operations and the company's asset management committee. This transition highlights PulteGroup's focus on long-term succession planning and internal talent development.

Pulte Homes announces the pre-sale launch of Deep Creek at Jordanelle Ridge, marking its return to Utah after two decades. This new community in Heber City combines mountain living with city conveniences. It is strategically located 15 minutes from Park City and 45 minutes from Salt Lake City International Airport.

The Canyon Series offers eight home designs starting in the mid-$700Ks, featuring single-family homes ranging from 2,448 to 2,920 sq. ft. with 2-4 bedrooms. Model homes will be available in August 2024. Later, the Peak Series townhomes will be available with model homes expected in early 2025.

Residents will have access to The Ridge Club, offering amenities like a fitness room, pickleball courts, and more. Potential buyers can join the VIP list at pulte.com/deepcreekcanyon for updates on community developments and promotions.

PulteGroup has announced the groundbreaking of Ryehill and Del Webb Sugar Land at Ryehill in Sugar Land, Texas. These communities will feature around 2,500 homes with flexible floorplans by Pulte Homes, Taylor Morrison, and Del Webb, designed to cater to various lifestyles including homes for 55-plus buyers. The communities, located near Hwy 59 and Grand Parkway, will offer world-class amenities, parks, and 60 acres of retail, commercial, and office space. This project is developed in partnership with the City of Sugar Land and other key stakeholders, aiming to integrate seamlessly into the local landscape and enhance quality of life.

PulteGroup, through its Built to Honor® program, has donated three mortgage-free homes to wounded veterans in 2024. The recipients include U.S. Army Staff Sergeant Christopher Liby in Tucson, Navy Petty Officer Second Class Robert Orr in Whitestown, and USAF Master Sergeant Francis “Frankie” Reilly in Southeast Florida. Each home is tailored to meet the specific needs of the veterans and their families. This initiative has been run since 2013 and has donated a total of 94 homes across 19 states. PulteGroup plans to gift an additional 10 homes this year, demonstrating its ongoing commitment to supporting veterans.

Pulte Homes has announced the development of Overlook at Fairfax Boulevard, a new townhome and condominium community in Fairfax, Virginia, set to open later this summer.

Located on Fairfax Boulevard, the community will feature 60 residences, including four-level townhomes with rooftop terraces and two-level condos. Townhomes will start from the $900s, while condos will be priced from the $700s.

The development is designed for modern living with convenient access to local amenities, including dining, entertainment, and outdoor activities. The location also offers excellent commuter access, with proximity to I-66, Vienna Metro Station, and a MetroBus stop.

Potential buyers are encouraged to join the VIP list for updates and promotions.

PulteGroup (NYSE: PHM) has announced the pricing for its tender offers to purchase up to $300 million of its 5.500% Senior Notes due 2026 and 5.000% Senior Notes due 2027.

The tender offers will expire on June 14, 2024. Due to the high volume of tenders received by the Early Tender Date, no additional tenders will be accepted beyond this date. Early tender payments include $50 per $1,000 principal amount of notes.

The settlement date for accepted notes is anticipated to be June 4, 2024. J.P. Morgan is managing the offers, and Global Bondholder Services is the tender and information agent.

PulteGroup (NYSE: PHM) has announced the early results of its tender offers to purchase up to $300 million of its 5.500% Senior Notes due 2026 and 5.000% Senior Notes due 2027. As of May 30, 2024, the company accepted $193.4 million of the 2026 Notes and $106.6 million of the 2027 Notes, with a proration factor of 57.6% for the latter. The early settlement date for these accepted notes is June 4, 2024. The tender offers are no longer open for additional tenders since the total tendered amount has exceeded the aggregate tender cap. J.P. Morgan is the dealer manager for these offers, and more details can be found in the Offer to Purchase document.

PulteGroup (NYSE: PHM) will release its Q2 2024 financial results before the market opens on July 23, 2024.

A conference call to discuss these results will be held at 8:30 a.m. (ET) on the same day. Investors can access a live audio webcast via PulteGroup’s website by logging in five minutes before the call. The dial-in number for participants is (888) 440-6928 with conference ID 6106699. An audio replay will be available within 24 hours and archived on the company’s website.