PulteGroup Reports Third Quarter 2024 Financial Results
PulteGroup (NYSE: PHM) reported strong third quarter 2024 financial results, with net income rising 16% to $698 million, or $3.35 per share. Home sale revenues increased 12% to $4.3 billion, driven by a 12% increase in closings to 7,924 homes. The average selling price remained stable at $548,000. Home sale gross margin was 28.8%, slightly down from 29.5% last year. Net new orders totaled 7,031 homes with a value of $3.9 billion, while the backlog stood at 12,089 homes valued at $7.7 billion.
The company invested $1.4 billion into its business and returned over $360 million to shareholders, including $320 million in share repurchases. PulteGroup's financial services operations saw a 90% increase in pre-tax income to $55 million. The company ended the quarter with $1.5 billion in cash and a debt-to-capital ratio of 12.3%.
PulteGroup (NYSE: PHM) ha riportato risultati finanziari robusti nel terzo trimestre del 2024, con un utile netto aumentato del 16% a 698 milioni di dollari, ovvero 3,35 dollari per azione. Le entrate delle vendite di case sono aumentate del 12% a 4,3 miliardi di dollari, grazie a un incremento dell'12% nelle chiusure, che hanno raggiunto 7.924 case. Il prezzo medio di vendita è rimasto stabile a 548.000 dollari. Il margine lordo delle vendite di case era del 28,8%, leggermente in calo rispetto al 29,5% dell'anno scorso. Gli ordini netti totali ammontavano a 7.031 case per un valore di 3,9 miliardi di dollari, mentre il portafoglio di ordini era di 12.089 case con un valore di 7,7 miliardi di dollari.
La società ha investito 1,4 miliardi di dollari nella propria attività e ha restituito oltre 360 milioni di dollari agli azionisti, di cui 320 milioni in riacquisti di azioni. Le operazioni di servizi finanziari di PulteGroup hanno visto un aumento del 90% dell'utile ante imposte, raggiungendo i 55 milioni di dollari. La società ha chiuso il trimestre con 1,5 miliardi di dollari in contante e un rapporto debito/kapitale del 12,3%.
PulteGroup (NYSE: PHM) informó resultados financieros sólidos en el tercer trimestre de 2024, con un ingreso neto que aumentó un 16% a 698 millones de dólares, o 3.35 dólares por acción. Los ingresos por ventas de viviendas aumentaron un 12% a 4.3 mil millones de dólares, impulsados por un aumento del 12% en los cierres, alcanzando 7,924 viviendas. El precio medio de venta se mantuvo estable en 548,000 dólares. El margen bruto por venta de viviendas fue del 28.8%, ligeramente inferior al 29.5% del año pasado. Los nuevos pedidos netos totalizaron 7,031 viviendas con un valor de 3.9 mil millones de dólares, mientras que la cartera de pedidos se situó en 12,089 viviendas valoradas en 7.7 mil millones de dólares.
La compañía invirtió 1.4 mil millones de dólares en su negocio y devolvió más de 360 millones de dólares a los accionistas, incluyendo 320 millones en recompras de acciones. Las operaciones de servicios financieros de PulteGroup vieron un aumento del 90% en el ingreso antes de impuestos a 55 millones de dólares. La empresa terminó el trimestre con 1.5 mil millones de dólares en efectivo y una relación deuda/capital del 12.3%.
PulteGroup (NYSE: PHM)는 2024년 3분기에 강력한 재무 실적을 보고하였으며, 순이익이 16% 증가한 6억 9800만 달러, 즉 주당 3.35달러에 달했습니다. 주택 판매 수익은 12% 증가하여 한 달러 43억 달러에 도달했으며, 이는 12%의 계약 체결 증가에 의해 추진되어 7,924채의 주택이 거래되었습니다. 평균 판매 가격은 548,000달러로 안정세를 유지하였습니다. 주택 판매 총 마진은 28.8%로, 작년의 29.5%에서 약간 감소하였습니다. 신규 순주문은 7,031채, 총 가치 39억 달러에 달하며, 미결 주문은 12,089채, 총 가치 77억 달러로 유지되었습니다.
회사는 비즈니스에 14억 달러를 투자하고, 주주에게 3억 6천만 달러 이상을 환원했으며, 이 중 3억 2천만 달러는 자사주 매입에 사용되었습니다. PulteGroup의 금융 서비스 사업은 세전 소득이 90% 증가하여 5천5백만 달러에 이르렀습니다. 회사는 15억 달러의 현금을 보유하고 있으며, 부채 대비 자본 비율은 12.3%입니다.
PulteGroup (NYSE: PHM) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un revenu net en hausse de 16% à 698 millions de dollars, soit 3,35 dollars par action. Les recettes des ventes de maisons ont augmenté de 12% pour atteindre 4,3 milliards de dollars, soutenues par une augmentation de 12% des clôtures, atteignant 7,924 maisons. Le prix moyen de vente est resté stable à 548 000 dollars. La marge brute sur les ventes de maisons était de 28,8%, légèrement en baisse par rapport à 29,5% l'année dernière. Les nouvelles commandes nettes ont totalisé 7 031 maisons d'une valeur de 3,9 milliards de dollars, tandis que le carnet de commandes se chiffrait à 12 089 maisons d'une valeur de 7,7 milliards de dollars.
La société a investi 1,4 milliard de dollars dans ses activités et a restitué plus de 360 millions de dollars aux actionnaires, dont 320 millions de dollars en rachats d'actions. Les opérations de services financiers de PulteGroup ont enregistré une augmentation de 90% du revenu avant impôts, atteignant 55 millions de dollars. L'entreprise a terminé le trimestre avec 1,5 milliard de dollars en liquidités et un ratio de dette sur capital de 12,3%.
PulteGroup (NYSE: PHM) hat für das dritte Quartal 2024 starke Finanzergebnisse bekannt gegeben, wobei der Nettogewinn um 16% auf 698 Millionen US-Dollar gestiegen ist, was 3,35 US-Dollar pro Aktie entspricht. Die Einnahmen aus Wohnungsverkäufen stiegen um 12% auf 4,3 Milliarden US-Dollar, angetrieben durch einen Anstieg der Abschlüsse um 12% auf 7.924 Wohnungen. Der durchschnittliche Verkaufspreis blieb mit 548.000 US-Dollar stabil. Die Bruttomarge beim Wohnungsverkauf betrug 28,8%, was leicht gegenüber den 29,5% des Vorjahres gesunken ist. Die Netto-Neuaufträge beliefen sich auf 7.031 Wohnungen mit einem Wert von 3,9 Milliarden US-Dollar, während der Auftragsbestand bei 12.089 Wohnungen mit einem Wert von 7,7 Milliarden US-Dollar lag.
Das Unternehmen investierte 1,4 Milliarden US-Dollar in sein Geschäft und gab über 360 Millionen US-Dollar an die Aktionäre zurück, darunter 320 Millionen US-Dollar für Aktienrückkäufe. Die Finanzdienstleistungen von PulteGroup verzeichneten einen Anstieg des Gewinns vor Steuern um 90% auf 55 Millionen US-Dollar. Das Unternehmen beendete das Quartal mit 1,5 Milliarden US-Dollar in cash und einer Verschuldungsquote von 12,3%.
- Net income increased 16% to $698 million ($3.35 per share)
- Home sale revenues grew 12% to $4.3 billion
- Closings increased 12% to 7,924 homes
- Financial services pre-tax income rose 90% to $55 million
- Strong cash position of $1.5 billion and low debt-to-capital ratio of 12.3%
- Repurchased $320 million of common shares in the quarter
- Home sale gross margin decreased to 28.8% from 29.5% in the prior year
- Homebuilding SG&A expense increased to 9.4% of home sale revenues from 9.1% last year
- Net new orders slightly decreased to 7,031 homes from 7,065 in the prior year
Insights
PulteGroup's Q3 2024 results demonstrate robust performance in a challenging market. Key highlights include:
- Earnings per share increased
16% to$3.35 - Home sale revenues up
12% to$4.3 billion - Closings increased
12% to 7,924 homes - Gross margin of
28.8% , slightly down from29.5% last year - Net new orders of 7,031 homes, valued at
$3.9 billion
The company's strong financial position is evident with
PulteGroup's Q3 results reflect a resilient housing market despite high interest rates. The
The company's backlog of 12,089 homes valued at
The
-
Earnings Increased
16% to$3.35 -
Closings Increased
12% to 7,924 -
Home Sale Revenues Increased
12% to$4.3 Billion -
Home Sale Gross Margin of
28.8% -
Net New Orders Totaled 7,031 Homes with a Value of
$3.9 Billion -
Unit Backlog of 12,089 Homes with a Value of
$7.7 Billion -
Repurchased
$320 Million
“Supported by the successful execution of our balanced spec and build-to-order operating model, PulteGroup realized record third quarter home sale revenues of
“Years of underbuilding has created a structural shortage of homes and correspondingly high home prices, so the Federal Reserve’s pivot to lowering interest rates provides a powerful tool in helping to address the affordability challenge faced by today’s homebuyers,” said Mr. Marshall. “Given our strong third quarter and nine-month financial results, we are well positioned to deliver a record year of earnings for the Company.”
Third Quarter Results
Home sale revenues in the third quarter increased
The Company’s reported home sale gross margin in the third quarter was
The Company’s net new orders for the third quarter were 7,031 homes, which is consistent with net new orders of 7,065 homes in the prior year period. The value of net new orders in the quarter was
At the end of the third quarter, the Company’s backlog was 12,089 homes with a value of
The Company's financial services operations generated pre-tax income of
Third quarter pre-tax income for the Company increased
PulteGroup repurchased 2.5 million of its common shares in the third quarter for
A conference call discussing PulteGroup's third quarter 2024 results is scheduled for Tuesday, October 22, 2024, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroupinc.com.
* The Company's return on equity is calculated as net income for the trailing twelve months divided by average shareholders' equity, where average shareholders' equity is the sum of ending shareholders' equity balances of the trailing five quarters divided by five.
Forward-Looking Statements
This release includes “forward-looking statements.” These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “may,” “can,” “could,” “might,” “should,” “will” and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.
Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry changes or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; labor supply shortages and the cost of labor; the availability and cost of land and other raw materials used by us in our homebuilding operations; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; competition within the industries in which we operate; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria; the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims; damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us; weather related slowdowns; the impact of climate change and related governmental regulation; adverse capital and credit market conditions, which may affect our access to and cost of capital; the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations; the potential that we do not realize our deferred tax assets; our inability to sell mortgages into the secondary market; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans, and related claims against us; risks related to information technology failures, data security issues, and the effect of cybersecurity incidents and threats; the impact of negative publicity on sales; failure to retain key personnel; the impairment of our intangible assets; the disruptions associated with the COVID-19 pandemic (or another epidemic or pandemic or similar public threat or fear of such an event), and the measures taken to address it; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for a further discussion of these and other risks and uncertainties applicable to our businesses. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in
For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; jwhomes.com; and americanwesthomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews.
PulteGroup, Inc. Consolidated Statements of Operations
( (Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Homebuilding |
|
|
|
|
|
|
|
||||||||
Home sale revenues |
$ |
4,343,227 |
|
|
$ |
3,886,908 |
|
|
$ |
12,610,981 |
|
|
$ |
11,433,476 |
|
Land sale and other revenues |
|
19,284 |
|
|
|
39,905 |
|
|
|
96,327 |
|
|
|
107,575 |
|
|
|
4,362,511 |
|
|
|
3,926,813 |
|
|
|
12,707,308 |
|
|
|
11,541,051 |
|
Financial Services |
|
113,831 |
|
|
|
76,720 |
|
|
|
317,848 |
|
|
|
226,875 |
|
Total revenues |
|
4,476,342 |
|
|
|
4,003,533 |
|
|
|
13,025,156 |
|
|
|
11,767,926 |
|
|
|
|
|
|
|
|
|
||||||||
Homebuilding Cost of Revenues: |
|
|
|
|
|
|
|
||||||||
Home sale cost of revenues |
|
(3,091,267 |
) |
|
|
(2,739,596 |
) |
|
|
(8,897,835 |
) |
|
|
(8,068,287 |
) |
Land sale and other cost of revenues |
|
(25,287 |
) |
|
|
(35,007 |
) |
|
|
(101,204 |
) |
|
|
(92,467 |
) |
|
|
(3,116,554 |
) |
|
|
(2,774,603 |
) |
|
|
(8,999,039 |
) |
|
|
(8,160,754 |
) |
|
|
|
|
|
|
|
|
||||||||
Financial Services expenses |
|
(58,905 |
) |
|
|
(46,431 |
) |
|
|
(159,615 |
) |
|
|
(137,244 |
) |
Selling, general, and administrative expenses |
|
(406,897 |
) |
|
|
(353,167 |
) |
|
|
(1,125,637 |
) |
|
|
(1,004,323 |
) |
Equity income from unconsolidated entities, net |
|
2,508 |
|
|
|
891 |
|
|
|
42,577 |
|
|
|
4,348 |
|
Other income, net |
|
9,702 |
|
|
|
17,091 |
|
|
|
39,709 |
|
|
|
32,496 |
|
Income before income taxes |
|
906,196 |
|
|
|
847,314 |
|
|
|
2,823,151 |
|
|
|
2,502,449 |
|
Income tax expense |
|
(208,282 |
) |
|
|
(208,539 |
) |
|
|
(653,128 |
) |
|
|
(611,070 |
) |
Net income |
$ |
697,914 |
|
|
$ |
638,775 |
|
|
$ |
2,170,023 |
|
|
$ |
1,891,379 |
|
|
|
|
|
|
|
|
|
||||||||
Per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings |
$ |
3.38 |
|
|
$ |
2.92 |
|
|
$ |
10.36 |
|
|
$ |
8.49 |
|
Diluted earnings |
$ |
3.35 |
|
|
$ |
2.90 |
|
|
$ |
10.28 |
|
|
$ |
8.45 |
|
Cash dividends declared |
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.60 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
||||||||
Number of shares used in calculation: |
|
|
|
|
|
|
|
||||||||
Basic |
|
206,774 |
|
|
|
218,288 |
|
|
|
209,374 |
|
|
|
221,832 |
|
Effect of dilutive securities |
|
1,686 |
|
|
|
1,394 |
|
|
|
1,683 |
|
|
|
1,152 |
|
Diluted |
|
208,460 |
|
|
|
219,682 |
|
|
|
211,057 |
|
|
|
222,984 |
|
PulteGroup, Inc. Condensed Consolidated Balance Sheets
( (Unaudited)
|
|||||||
|
September 30,
|
|
December 31,
|
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|
|
|
|
||||
ASSETS |
|
|
|
||||
|
|
|
|
||||
Cash and equivalents |
$ |
1,397,664 |
|
$ |
1,806,583 |
||
Restricted cash |
|
57,472 |
|
|
|
42,594 |
|
Total cash, cash equivalents, and restricted cash |
|
1,455,136 |
|
|
|
1,849,177 |
|
House and land inventory |
|
12,641,932 |
|
|
|
11,795,370 |
|
Land held for sale |
|
24,914 |
|
|
|
23,831 |
|
Residential mortgage loans available-for-sale |
|
556,664 |
|
|
|
516,064 |
|
Investments in unconsolidated entities |
|
213,022 |
|
|
|
166,913 |
|
Other assets |
|
1,897,985 |
|
|
|
1,545,667 |
|
Goodwill |
|
68,930 |
|
|
|
68,930 |
|
Other intangible assets |
|
48,802 |
|
|
|
56,338 |
|
Deferred tax assets |
|
47,708 |
|
|
|
64,760 |
|
|
$ |
16,955,093 |
|
|
$ |
16,087,050 |
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||||
|
|
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|
||||
Liabilities: |
|
|
|
||||
Accounts payable |
$ |
704,663 |
|
|
$ |
619,012 |
|
Customer deposits |
|
597,820 |
|
|
|
675,091 |
|
Deferred tax liabilities |
|
401,142 |
|
|
|
302,155 |
|
Accrued and other liabilities |
|
1,539,476 |
|
|
|
1,645,690 |
|
Financial Services debt |
|
524,093 |
|
|
|
499,627 |
|
Notes payable |
|
1,623,686 |
|
|
|
1,962,218 |
|
|
|
5,390,880 |
|
|
|
5,703,793 |
|
Shareholders' equity |
|
11,564,213 |
|
|
|
10,383,257 |
|
|
$ |
16,955,093 |
|
|
$ |
16,087,050 |
|
PulteGroup, Inc. Consolidated Statements of Cash Flows
( (Unaudited)
|
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|
Nine Months Ended |
||||||
|
September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
2,170,023 |
|
|
$ |
1,891,379 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
||||
Deferred income tax expense |
|
116,013 |
|
|
|
132,389 |
|
Land-related charges |
|
19,929 |
|
|
|
16,978 |
|
Depreciation and amortization |
|
64,975 |
|
|
|
59,765 |
|
Equity income from unconsolidated entities |
|
(42,577 |
) |
|
|
(4,348 |
) |
Distributions of income from unconsolidated entities |
|
2,557 |
|
|
|
4,564 |
|
Share-based compensation expense |
|
39,247 |
|
|
|
38,401 |
|
Other, net |
|
(74 |
) |
|
|
(863 |
) |
Increase (decrease) in cash due to: |
|
|
|
||||
Inventories |
|
(805,331 |
) |
|
|
(173,377 |
) |
Residential mortgage loans available-for-sale |
|
(45,184 |
) |
|
|
262,637 |
|
Other assets |
|
(366,279 |
) |
|
|
(142,131 |
) |
Accounts payable, accrued and other liabilities |
|
(40,115 |
) |
|
|
(177,050 |
) |
Net cash provided by operating activities |
|
1,113,184 |
|
|
|
1,908,344 |
|
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(94,065 |
) |
|
|
(67,561 |
) |
Investments in unconsolidated entities |
|
(15,105 |
) |
|
|
(18,059 |
) |
Distributions of capital from unconsolidated entities |
|
9,017 |
|
|
|
2,316 |
|
Other investing activities, net |
|
(8,197 |
) |
|
|
(11,727 |
) |
Net cash used in investing activities |
|
(108,350 |
) |
|
|
(95,031 |
) |
Cash flows from financing activities: |
|
|
|
||||
Repayments of notes payable |
|
(350,453 |
) |
|
|
(86,794 |
) |
Financial Services borrowings (repayments), net |
|
24,465 |
|
|
|
(161,254 |
) |
Debt issuance costs |
|
— |
|
|
|
(1,500 |
) |
Proceeds from liabilities related to consolidated inventory not owned |
|
46,256 |
|
|
|
108,707 |
|
Payments related to consolidated inventory not owned |
|
(94,121 |
) |
|
|
(49,379 |
) |
Share repurchases |
|
(879,999 |
) |
|
|
(700,000 |
) |
Cash paid for shares withheld for taxes |
|
(18,463 |
) |
|
|
(10,409 |
) |
Dividends paid |
|
(126,560 |
) |
|
|
(107,676 |
) |
Net cash used in financing activities |
|
(1,398,875 |
) |
|
|
(1,008,305 |
) |
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
(394,041 |
) |
|
|
805,008 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
1,849,177 |
|
|
|
1,094,553 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
1,455,136 |
|
|
$ |
1,899,561 |
|
|
|
|
|
||||
Supplemental Cash Flow Information: |
|
|
|
||||
Interest paid (capitalized), net |
$ |
20,144 |
|
|
$ |
11,048 |
|
Income taxes paid (refunded), net |
$ |
546,344 |
|
|
$ |
546,871 |
|
PulteGroup, Inc. Segment Data
( (Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
HOMEBUILDING: |
|
|
|
|
|
|
|
||||||||
Home sale revenues |
$ |
4,343,227 |
|
|
$ |
3,886,908 |
|
|
$ |
12,610,981 |
|
|
$ |
11,433,476 |
|
Land sale and other revenues |
|
19,284 |
|
|
|
39,905 |
|
|
|
96,327 |
|
|
|
107,575 |
|
Total Homebuilding revenues |
|
4,362,511 |
|
|
|
3,926,813 |
|
|
|
12,707,308 |
|
|
|
11,541,051 |
|
|
|
|
|
|
|
|
|
||||||||
Home sale cost of revenues |
|
(3,091,267 |
) |
|
|
(2,739,596 |
) |
|
|
(8,897,835 |
) |
|
|
(8,068,287 |
) |
Land sale and other cost of revenues |
|
(25,287 |
) |
|
|
(35,007 |
) |
|
|
(101,204 |
) |
|
|
(92,467 |
) |
Selling, general, and administrative expenses |
|
(406,897 |
) |
|
|
(353,167 |
) |
|
|
(1,125,637 |
) |
|
|
(1,004,323 |
) |
Equity income from unconsolidated entities, net |
|
2,508 |
|
|
|
891 |
|
|
|
41,527 |
|
|
|
3,293 |
|
Other income, net |
|
9,702 |
|
|
|
18,431 |
|
|
|
39,709 |
|
|
|
33,836 |
|
Income before income taxes |
$ |
851,270 |
|
|
$ |
818,365 |
|
|
$ |
2,663,868 |
|
|
$ |
2,413,103 |
|
|
|
|
|
|
|
|
|
||||||||
FINANCIAL SERVICES: |
|
|
|
|
|
|
|
||||||||
Income before income taxes |
$ |
54,926 |
|
|
$ |
28,949 |
|
|
$ |
159,283 |
|
|
$ |
89,346 |
|
|
|
|
|
|
|
|
|
||||||||
CONSOLIDATED: |
|
|
|
|
|
|
|
||||||||
Income before income taxes |
$ |
906,196 |
|
|
$ |
847,314 |
|
|
$ |
2,823,151 |
|
|
$ |
2,502,449 |
|
PulteGroup, Inc. Segment Data, continued
( (Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Home sale revenues |
$ |
4,343,227 |
|
|
$ |
3,886,908 |
|
|
$ |
12,610,981 |
|
|
$ |
11,433,476 |
|
|
|
|
|
|
|
|
|
||||||||
Closings - units |
|
|
|
|
|
|
|
||||||||
Northeast |
|
391 |
|
|
344 |
|
|
1,054 |
|
|
996 |
||||
Southeast |
|
1,340 |
|
|
|
1,291 |
|
|
|
4,284 |
|
|
|
3,864 |
|
|
|
1,984 |
|
|
|
1,983 |
|
|
|
6,051 |
|
|
|
5,802 |
|
Midwest |
|
1,194 |
|
|
|
1,018 |
|
|
|
3,380 |
|
|
|
2,693 |
|
|
|
1,485 |
|
|
|
1,211 |
|
|
|
4,285 |
|
|
|
4,030 |
|
West |
|
1,530 |
|
|
|
1,229 |
|
|
|
4,062 |
|
|
|
3,603 |
|
|
|
7,924 |
|
|
|
7,076 |
|
|
|
23,116 |
|
|
|
20,988 |
|
Average selling price |
$ |
548 |
|
|
$ |
549 |
|
|
$ |
546 |
|
|
$ |
545 |
|
|
|
|
|
|
|
|
|
||||||||
Net new orders - units |
|
|
|
|
|
|
|
||||||||
Northeast |
|
385 |
|
|
|
376 |
|
|
|
1,226 |
|
|
|
1,161 |
|
Southeast |
|
1,340 |
|
|
|
1,374 |
|
|
|
4,130 |
|
|
|
4,277 |
|
|
|
1,681 |
|
|
|
1,598 |
|
|
|
5,399 |
|
|
|
5,386 |
|
Midwest |
|
1,233 |
|
|
|
1,090 |
|
|
|
3,772 |
|
|
|
3,426 |
|
|
|
1,134 |
|
|
|
1,258 |
|
|
|
3,863 |
|
|
|
4,070 |
|
West |
|
1,258 |
|
|
|
1,369 |
|
|
|
4,669 |
|
|
|
4,046 |
|
|
|
7,031 |
|
|
|
7,065 |
|
|
|
23,059 |
|
|
|
22,366 |
|
Net new orders - dollars |
$ |
3,928,860 |
|
|
$ |
3,823,619 |
|
|
$ |
12,986,027 |
|
|
$ |
11,884,620 |
|
|
|
|
|
|
|
|
|
||||||||
Unit backlog |
|
|
|
|
|
|
|
||||||||
Northeast |
|
|
|
|
|
739 |
|
|
|
639 |
|
||||
Southeast |
|
|
|
|
|
2,092 |
|
|
|
2,319 |
|
||||
|
|
|
|
|
|
3,140 |
|
|
|
4,225 |
|
||||
Midwest |
|
|
|
|
|
2,084 |
|
|
|
2,083 |
|
||||
|
|
|
|
|
|
1,215 |
|
|
|
1,829 |
|
||||
West |
|
|
|
|
|
2,819 |
|
|
|
2,452 |
|
||||
|
|
|
|
|
|
12,089 |
|
|
|
13,547 |
|
||||
Dollars in backlog |
|
|
|
|
$ |
7,694,761 |
|
|
$ |
8,125,182 |
|
||||
PulteGroup, Inc. Segment Data, continued
( (Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
MORTGAGE ORIGINATIONS: |
|
|
|
|
|
|
|
||||||||
Origination volume |
|
5,005 |
|
|
|
4,362 |
|
|
|
14,442 |
|
|
|
12,770 |
|
Origination principal |
$ |
2,103,197 |
|
|
$ |
1,745,952 |
|
|
$ |
5,998,347 |
|
|
$ |
5,053,379 |
|
Capture rate |
|
86.7 |
% |
|
|
83.5 |
% |
|
|
85.9 |
% |
|
|
80.5 |
% |
Supplemental Data
( (Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Interest in inventory, beginning of period |
$ |
149,362 |
|
|
$ |
141,994 |
|
|
$ |
139,078 |
|
|
$ |
137,262 |
|
Interest capitalized |
|
26,443 |
|
|
|
31,659 |
|
|
|
86,346 |
|
|
|
95,388 |
|
Interest expensed |
|
(29,708 |
) |
|
|
(33,643 |
) |
|
|
(79,327 |
) |
|
|
(92,640 |
) |
Interest in inventory, end of period |
$ |
146,097 |
|
|
$ |
140,010 |
|
|
$ |
146,097 |
|
|
$ |
140,010 |
|
PulteGroup, Inc.
Reconciliation of Non-GAAP Financial Measures
This report contains information about our debt-to-capital ratios. These measures could be considered non-GAAP financial measures under the SEC's rules and should be considered in addition to, rather than as a substitute for, comparable GAAP financial measures. We calculate total net debt by subtracting total cash, cash equivalents, and restricted cash from notes payable to present the amount of assets needed to satisfy the debt. We use the debt-to-capital and net debt-to-capital ratios as indicators of our overall leverage and believe they are useful financial measures in understanding the leverage employed in our operations. We believe that these measures provide investors relevant and useful information for evaluating the comparability of financial information presented and comparing our profitability and liquidity to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate these measures and any adjustments thereto before comparing our measures to those of such other companies.
The following table sets forth a reconciliation of the debt-to-capital ratios (
Debt-to-Capital Ratios |
||||||||
|
|
|
|
|
||||
|
|
September 30,
|
|
December 31,
|
||||
Notes payable |
|
$ |
1,623,686 |
|
|
$ |
1,962,218 |
|
Shareholders' equity |
|
|
11,564,213 |
|
|
|
10,383,257 |
|
Total capital |
|
$ |
13,187,899 |
|
|
$ |
12,345,475 |
|
Debt-to-capital ratio |
|
|
12.3 |
% |
|
|
15.9 |
% |
|
|
|
|
|
||||
Notes payable |
|
$ |
1,623,686 |
|
|
$ |
1,962,218 |
|
Less: Total cash, cash equivalents, and |
|
|
||||||
restricted cash |
|
(1,455,136 |
) |
|
(1,849,177 |
) |
||
Total net debt |
|
$ |
168,550 |
|
|
$ |
113,041 |
|
Shareholders' equity |
|
|
11,564,213 |
|
|
|
10,383,257 |
|
Total net capital |
|
$ |
11,732,763 |
|
|
$ |
10,496,298 |
|
Net debt-to-capital ratio |
|
|
1.4 |
% |
|
|
1.1 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022112622/en/
Investors: Jim Zeumer
(404) 978-6434
jim.zeumer@pultegroup.com
Source: PulteGroup, Inc.
FAQ
What was PulteGroup's (PHM) earnings per share in Q3 2024?
How much were PulteGroup's (PHM) home sale revenues in Q3 2024?
What was PulteGroup's (PHM) home sale gross margin in Q3 2024?
How many homes did PulteGroup (PHM) close in Q3 2024?
What was the value of PulteGroup's (PHM) backlog at the end of Q3 2024?
