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PHM · Pultegroup

50 filings

10-Q

PHM 10-Q Quarterly Reports

Pultegroup - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K109

PHM filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 109 current reports (8-K) between 2016 and 2026.

  1. Impairment8-K · May ’17May ’17
  2. Leadership change8-K · Mar ’19Mar ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Material agreement8-K · Aug ’25Aug ’25
  1. 2026-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2026

    PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2026 results showing continued demand pressure. Net income for the three months ended September 30, 2026 was $475.7 million, or $2.53 diluted earnings per share, versus $585.8 million, or $2.96 per diluted share, a year earlier. Total revenues were $3.97 billion versus $4.40 billion. Home sale revenues fell 9% on a 9% decline in closings (6,876 units) and a 1% decrease in average selling price ($561 thousand). Gross margin from home sales declined to 24.8% from 26.2%. Net new orders fell 6% in units, and the filing cites elevated mortgage rates, which rose sharply in the third quarter, particularly in September, along with affordability pressure and geopolitical uncertainty. Nine-month net income was $1.29 billion, or $6.79 per diluted share, versus $1.72 billion, or $8.55 per diluted share. Management says it is adjusting production, emphasizing sales incentives, and rebalancing spec inventory toward build-to-order homes, while protecting liquidity. House and land inventory increased to $14.09 billion from $12.93 billion at December 31, 2025, and operating cash flow for the nine months was $637.0 million, down from $1.10 billion. The company repurchased $1.0 billion of shares in the first nine months and had $1.5 billion of remaining authorization at quarter end. Quarterly dividends were raised to $0.26 per share from $0.22 effective with the January 2026 payment. Balance sheet actions included issuing $800.0 million of senior notes in February 2026 and amending the revolving credit facility to $1.75 billion of committed capacity with a February 2031 maturity. Cash and equivalents were $1.37 billion, and the Revolving Credit Facility had no borrowings outstanding at quarter end. The Financial Services mortgage repurchase agreement matures in August 2027, and management says it intends to refinance it.

    Oct 22, 2026
  2. 2026-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2026

    PulteGroup, Inc. (NYSE: PHM) reported net income of $472.0 million, or $2.48 per diluted share, for the three months ended June 30, 2026, down from $608.5 million, or $3.03 per diluted share, in the prior-year quarter. For the six months, net income was $819.0 million, or $4.27 per diluted share, versus $1.13 billion, or $5.60 per diluted share, a year earlier. Total revenues were $3.98 billion for the quarter, compared with $4.40 billion a year earlier. Home sale revenues fell 11% as closings dropped 8% and average selling price declined 3%, while the company's gross margin from home sales fell to 25.0% from 27.0%. Management attributes the pressure to elevated mortgage rates, affordability challenges, higher land and development costs, and increased sales incentives. Demand improved modestly on an order basis: net new orders rose 6% in units and 5% in dollars for the quarter, driven mainly by Florida and Midwest, while the West declined. Backlog units grew 2% to 10,966, although backlog dollars fell 1%. The company returned capital to shareholders, repurchasing $681.2 million of shares in the first six months and raising its quarterly dividend to $0.26 per share from $0.22. Shareholders' equity rose to $13.01 billion at June 30, 2026, and cash and equivalents declined to $1.34 billion from $1.98 billion at year-end 2025, while notes payable increased to $1.82 billion after the company issued $800.0 million of senior notes in February 2026. Liquidity remains a focus. Operating cash flow was $176.8 million for the six months, as inventory investment of $807.3 million absorbed much of net income. Pulte Mortgage's $625.0 million master repurchase agreement matures on August 12, 2026, and management says it intends to refinance it, though no assurance is given on commercially reasonable terms. The company reported $1.4 billion of remaining capacity under its Revolving Credit Facility, which was extended to February 2031 and increased to $1.75 billion in committed capacity.

    Jul 22, 2026
  3. 2026-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2026

    PulteGroup, Inc. (NYSE: PHM) reported first-quarter 2026 net income of $346,996 thousand ($347.0 million), or $1.79 diluted earnings per share, down from $522,799 thousand ($2.57 diluted) in the first quarter of 2025. Total revenues were $3.41 billion versus $3.89 billion, driven by home sale revenues of $3.31 billion, down from $3.75 billion. Closings decreased 7% to 6,102 units, and average selling price fell 5% to $542 thousand. Home sale gross margin declined to 24.4% from 27.5%, which management attributes to pricing actions, elevated sales incentives, and higher land acquisition and development costs. Net new orders rose 3% in units to 8,034, with higher volume concentrated in Florida, while backlog dollars decreased 10%. Liquidity remained substantial, with $1.8 billion of unrestricted cash and equivalents and $1.4 billion available under the Revolving Credit Facility. In February 2026 the company issued $800.0 million of senior notes (4.250% due 2031 and 4.900% due 2036) and amended its revolving credit facility, raising committed capacity to $1.75 billion and extending maturity to February 2031. The debt-to-total capitalization ratio, excluding Financial Services debt, rose to 12.3% from 11.2%. Shareholder returns continued, with $308.2 million of share repurchases and a quarterly dividend increased from $0.22 to $0.26 per share. On April 22, 2026, the Board approved an additional $1.5 billion repurchase authorization. Management flagged that the Pulte Mortgage repurchase agreement, with $455.1 million outstanding, matures in August 2026 and must be refinanced.

    Apr 23, 2026
  4. 2025-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2025

    PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2025 net income of $585.8 million, or $2.96 diluted earnings per share, versus $697.9 million, or $3.35 per diluted share, in the third quarter of 2024. Total revenues were $4.40 billion for the quarter, compared with $4.48 billion a year earlier. Home sale revenues declined 2% to $4.25 billion, driven by a 5% decrease in closings partially offset by a 3% increase in average selling price. Home sale gross margin fell to 26.2% from 28.8% in the prior-year quarter and 27.0% in the second quarter of 2025, which the company attributes to higher land costs and elevated sales incentives. Net new orders decreased 6% in units for the quarter and 7% for the first nine months, and backlog dollars fell 19% year over year to $6.23 billion. For the nine months ended September 30, 2025, net income was $1.72 billion, or $8.55 diluted EPS, compared with $2.17 billion, or $10.28 diluted EPS, a year earlier. The company recorded $42.2 million of land inventory impairments and $26.5 million of write-offs of deposits and pre-acquisition costs in the period. During the first nine months, PulteGroup repurchased 8.2 million shares for $900.0 million and declared $132.2 million in dividends, and it had $1.3 billion of remaining repurchase authorization at quarter end. Cash and equivalents totaled $1.45 billion, with $902.0 million available under its Revolving Credit Facility and no borrowings outstanding. The ratio of debt to total capitalization, excluding Financial Services debt, was 11.2%, compared with 11.8% at December 31, 2024. Management said consumer demand weakness continued in the third quarter, reflecting affordability challenges from elevated mortgage rates and higher housing costs. It expects sales incentives to remain elevated and gross margins to decline somewhat in future periods, while it maintains a focus on liquidity and shareholder returns. The company noted that it must refinance the Pulte Mortgage repurchase agreement, which matures in August 2026, and that the Revolving Credit Facility matures in June 2027.

    Oct 21, 2025
  5. 2025-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2025

    PulteGroup, Inc. (PHM) reported a quarter of lower homebuilding volume and margins for the three and six months ended June 30, 2025. Consolidated total revenues were $4.40 billion for the second quarter, down from $4.60 billion a year earlier, and net income was $608.5 million, versus $809.1 million in the prior-year quarter. Diluted earnings per share were $3.03, compared with $3.83. For the six months, net income was $1.13 billion and diluted EPS was $5.60, versus $6.93 a year earlier. Home sale gross margin fell to 27.0% in the quarter from 29.9%, which the filing attributes primarily to higher land costs and sales incentives. Net new orders decreased 7% in units for both the three- and six-month periods, and backlog dollars declined 16% year over year to $6.84 billion. The company returned capital to shareholders during the first half, repurchasing 5.8 million shares for $600.0 million and declaring $88.7 million in cash dividends. The quarterly dividend was raised to $0.22 per share from $0.20. As of June 30, 2025, the company had $1.2 billion of unrestricted cash, $908.8 million available under its Revolving Credit Facility, and $1.6 billion of remaining share repurchase authorization. Debt-to-total capitalization, excluding Financial Services debt, was 11.4%, compared with 11.8% at year-end 2024. The filing notes that Pulte Mortgage's $650.0 million Repurchase Agreement matures on August 13, 2025, and management states it intends to refinance it. Management describes consumer demand as still weak, pressured by affordability challenges tied to elevated mortgage rates and higher housing costs. It expects sales incentives to remain elevated and gross margins to decline somewhat in future periods. Land-related charges were $42.2 million for the six months, up from $7.8 million a year earlier. Management states that it believes current liquidity will be sufficient to fund business needs over the next 12 months and beyond.

    Jul 22, 2025
  6. 2025-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2025

    PulteGroup, Inc. reported first-quarter 2025 net income of $522.8 million, or $2.57 per diluted share, versus $663.0 million, or $3.10 per diluted share, in the first quarter of 2024. Total revenues were $3.89 billion compared with $3.95 billion a year earlier. Homebuilding home sale revenues declined 2% to $3.75 billion as closings fell 7% to 6,583 units, partly offset by a 6% increase in average selling price to $570 thousand. Gross margin from home sales narrowed to 27.5% from 29.6%, which the company attributed primarily to higher land acquisition and development costs and elevated sales incentives. Net new orders fell 7% in units to 7,765, and backlog dollars decreased 12% to $7.22 billion at March 31, 2025. Cash flow from operations was $134.2 million, down from $239.8 million, as inventories increased $270.6 million. The company returned capital to shareholders by repurchasing 2.8 million shares for $300.0 million and paying $45.8 million in dividends. The Board increased the share repurchase authorization by $1.5 billion in January 2025, leaving $1.9 billion available at quarter-end, and the quarterly dividend was raised from $0.20 to $0.22 per share. Liquidity remained solid, with $1.2 billion of unrestricted cash and $942.3 million available under the revolving credit facility, and the debt-to-total-capitalization ratio excluding Financial Services debt was 11.7%. The company flagged affordability pressures from elevated mortgage rates and said gross margins may decline somewhat in future periods. It also noted that the Pulte Mortgage repurchase agreement, with $426.9 million outstanding, matures in August 2025 and that $251.9 million of senior notes come due in March 2026.

    Apr 22, 2025
  7. 2024-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2024

    PulteGroup, Inc. (PHM) reported strong third-quarter 2024 results in this Form 10-Q for the quarter ended September 30, 2024. Total revenues were $4.48 billion for the three months, up from $4.00 billion a year earlier, and net income was $697.9 million, or $3.35 per diluted share, versus $2.90 in the prior-year quarter. Home sale revenues rose 12% on a 12% increase in closings to 7,924 units, while the home sale gross margin narrowed to 28.8% from 29.5%. For the nine months, net income was $2.17 billion, or $10.28 per diluted share, with 23,116 closings, up 10%. Orders and backlog were mixed. Net new order units were flat in the quarter but up 3% for the nine months, and net new order dollars rose 9% for the nine months. Backlog units fell 11% and backlog dollars fell 5% at September 30, 2024 compared with a year earlier. Management said sales incentives, especially mortgage interest rate buydowns, are expected to remain elevated, which will continue to weigh on gross margins in the near term. On the balance sheet, total cash, cash equivalents, and restricted cash was $1.46 billion, and notes payable were reduced to $1.62 billion from $1.96 billion at year-end 2023, with the company repurchasing $310.2 million of notes in the nine months. Share repurchases totaled $880.0 million for the nine months, and $1.0 billion of authorization remained at quarter end. Operating cash flow was $1.1 billion for the nine months, down from $1.9 billion, mainly due to a $805.3 million increase in inventories. The company also disclosed that Pulte Mortgage's $675.0 million repurchase agreement matures in August 2025 and must be repaid or refinanced.

    Oct 22, 2024
  8. 2024-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2024

    PulteGroup, Inc. (NYSE: PHM) reported second-quarter 2024 net income of $809.1 million, or $3.83 per diluted share, up from $720.3 million, or $3.21 per diluted share, in the prior-year quarter. Total revenues were $4.60 billion versus $4.19 billion. Home sale revenues rose 10% to $4.45 billion, driven by an 8% increase in closings to 8,097 units, while the average selling price was $549 thousand. Homebuilding gross margin on home sales was 29.9%, up from 29.6%. For the six months ended June 30, 2024, net income was $1.47 billion, or $6.93 per diluted share. The filing also flags softening demand. Net new orders in units fell 4% in the quarter and were down 9% from the first quarter of 2024, and ending backlog dollars decreased 1% year over year. Management says cancellation rates have returned to historical levels and that lower lumber prices will likely be largely offset by higher sales incentives. Liquidity remained solid, with $1.4 billion of unrestricted cash and $952.6 million available under the Revolving Credit Facility. Notes payable fell to $1.65 billion from $1.96 billion at year-end 2023, after $310.2 million of senior note repurchases in the first half. The debt-to-total capitalization ratio, excluding Financial Services debt, was 12.8%, compared with 15.9% at December 31, 2023. Capital returns continued. The company repurchased 5.1 million shares for $560.0 million in the first half, declared $84.7 million of dividends, and had $1.3 billion of repurchase authorization remaining at June 30, 2024. Pulte Mortgage's $700.0 million repurchase agreement matures on August 14, 2024, and management says it intends to refinance it.

    Jul 23, 2024
  9. 2024-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2024

    PulteGroup, Inc. (NYSE: PHM) reported first-quarter 2024 net income of $662,976 thousand ($663.0 million), or $3.10 diluted earnings per share, up from $532,259 thousand ($2.35 per diluted share) in the prior-year quarter. Total revenues rose to $3.95 billion from $3.58 billion, driven by home sale revenues of $3.82 billion, up 10% on an 11% increase in closings partially offset by a 1% decrease in average selling price. Home sale gross margin was 29.6%, up from 29.1%. Results also included $26.8 million of insurance reserve reversals and a $37.7 million gain on the sale of a minority joint venture interest. Net new orders rose 14% in units and 24% in dollars to 8,379 units and $4.70 billion, and the cancellation rate fell to 13% from 17%. Management noted that traffic moderated in early April, particularly for first-time buyer communities, following a recent rise in mortgage rates. Cash flow from operations was $239.8 million, down from $711.4 million, mainly because inventories increased by $289.2 million. Cash and equivalents totaled $1.72 billion at quarter-end. The company repurchased 2.3 million shares for $245.8 million and paid $42.7 million in dividends. The quarterly dividend was raised 25% to $0.20 per share, and the board added $1.5 billion to the repurchase authorization, leaving $1.6 billion available. Total notes payable were $1.96 billion. The Pulte Mortgage repurchase agreement, with $534.3 million outstanding, matures in August 2024 and management says it intends to refinance it.

    Apr 23, 2024
  10. 2023-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2023

    PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2023 results in its Form 10-Q filed October 24, 2023. Net income was $638.8 million, or $2.90 per diluted share, for the three months ended September 30, 2023, compared with $627.9 million, or $2.69 per diluted share, a year earlier. For the nine months, net income was $1.89 billion, or $8.45 per diluted share, versus $1.74 billion, or $7.22 per diluted share, in the prior-year period. Total revenues for the quarter were $4.00 billion. Home sale revenues rose 3% to $3.89 billion on a 4% increase in average selling price and a slight increase in closings, while home sale gross margin declined to 29.5% from 30.5%. Net new orders rose 43% in units and 36% in dollars for the quarter, and the cancellation rate normalized to 15%. Backlog at September 30, 2023 was $8.13 billion across 13,547 units, down 23% in dollars from a year earlier, reflecting the decline in orders that began in mid-2022. Cash and equivalents totaled $1.85 billion, and the ratio of debt-to-total capitalization, excluding Financial Services debt, was 16.5%, down from 18.7% at year-end 2022. Operating cash flow for the nine months was $1.91 billion, largely reflecting net income and a seasonal decrease in mortgage loans held for sale. The company repurchased 10.2 million shares for $700.0 million in the nine months and had $682.9 million remaining under its repurchase authorization. The filing flags several items for investors. Pulte Mortgage's master repurchase agreement matures in August 2024, and the company stated it intends to refinance it but cannot assure renewal on commercially reasonable terms. The company also noted that it recorded $66.2 million of insurance reserve reversals in the nine months ended September 30, 2023, which benefited SG&A and other homebuilding results. Management stated that buyer demand slowed slightly in the later part of the third quarter as interest rates rose.

    Oct 24, 2023
  11. 2023-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2023

    PulteGroup, Inc. (NYSE: PHM) reported second-quarter 2023 results in this Form 10-Q for the quarter ended June 30, 2023. Net income was $720.3 million, or $3.21 per diluted share, for the three months ended June 30, 2023, compared with $652.4 million, or $2.73 per diluted share, a year earlier. Total revenues were $4.19 billion for the quarter versus $3.88 billion in the prior-year period. For the six months, net income was $1.25 billion ($5.55 per diluted share) on total revenues of $7.76 billion. Home sale revenues rose 8% in the quarter to $4.06 billion, driven by a 5% increase in closings and a 3% increase in average selling price. Home sale gross margin was 29.6% for the quarter, down from 31.3% a year earlier. The quarter also included $64.9 million of insurance reserve reversals within SG&A and other homebuilding results. Net new orders in units rose 24% in the quarter to 7,947, while net new order dollars rose 9%. Ending backlog dollars fell 29% year over year to $8.19 billion, though backlog increased sequentially from December 31, 2022. The cancellation rate was 13% for the quarter, which the company says has normalized to historical levels. Financial Services revenues were $92.2 million for the quarter, up 11%, while six-month Financial Services income before taxes fell 25%. Liquidity remained strong, with $1.73 billion of unrestricted cash and $965.0 million available under the revolving credit facility. Shareholders' equity rose to $9.71 billion, and the company repurchased 6.4 million shares for $400.0 million in the first half of 2023, with $982.9 million remaining under its authorization. The filing notes that Pulte Mortgage's $500.0 million repurchase agreement matures July 27, 2023, and that the company intends to refinance it. The company's debt-to-total capitalization, excluding Financial Services debt, was 17.3% at June 30, 2023, compared with 18.7% at December 31, 2022. Management noted that construction cycle times remain about three weeks longer than in the prior year, although they have improved sequentially since the first quarter of 2023. Lumber prices recently increased, which may pressure costs for the rest of the year.

    Jul 25, 2023
  12. 2023-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2023

    PulteGroup, Inc. (PHM) reported first-quarter 2023 net income of $532.3 million, or $2.35 per diluted share, compared with $454.7 million, or $1.83 per diluted share, in the first quarter of 2022. Total revenues rose to $3.58 billion from $3.15 billion. Home sale revenues were $3.49 billion, up 15% on a 6% increase in closings (6,394 units) and a 9% increase in average selling price ($545 thousand). Homebuilding gross margin from home sales was 29.1%, compared with 29.3% a year earlier. The company noted that closing cost incentives were reclassified from home sale cost of revenues to home sale revenues, reducing both by $81.2 million in the quarter. Demand weakened. Net new orders fell 8% in units and 20% in dollars, driven by a cancellation rate of 17% versus 9% a year earlier. Backlog units declined 34% year over year to 13,129, although backlog rose 8% compared with December 31, 2022. The filing states that orders strengthened sequentially from December 2022 through March 2023, partly supported by sales incentives and mortgage rate buydowns. Financial Services income before taxes decreased 66% to $13.9 million as mortgage competition and capture rates weakened. Balance sheet and capital returns remained solid. Cash and equivalents were $1.28 billion at March 31, 2023, against $2.04 billion of notes payable. The company repurchased 2.8 million shares for $150.0 million and paid $36.1 million in dividends declared. Remaining buyback authorization was $232.9 million at quarter end, and the board increased it by $1.0 billion on April 24, 2023. The Pulte Mortgage repurchase agreement, with $324.4 million outstanding, matures July 27, 2023, and management stated it intends to refinance before maturity.

    Apr 25, 2023
  13. 2022-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2022

    PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2022 net income of $627.9 million, or $2.69 per diluted share, up from $475.5 million, or $1.82 per diluted share, in the prior-year quarter. Total revenues rose to $3.94 billion from $3.48 billion, driven by home sale revenues of $3.84 billion, with the average selling price up 15% to $545 thousand. For the nine months, net income was $1.74 billion, or $7.22 per diluted share, on total revenues of $11.06 billion. Homebuilding gross margin from home sales was 30.1% in both the three and nine months, versus 26.5% and 26.2% a year earlier. The filing signals a sharp slowdown in demand. Net new orders fell 28% in units for the quarter and 23% for the nine months, the cancellation rate rose to 24% from 10%, and backlog units declined 14% year over year. Management expects a more challenging environment through at least 2023, with lower revenues and profitability in those periods. Operating cash flow was negative at $303.9 million for the nine months, driven by a $2.71 billion increase in inventories, and the company spent $974.7 million on share repurchases. Liquidity remains sound, with $231.3 million of unrestricted cash and $590.3 million available under the Revolving Credit Facility, which had $319.0 million drawn. The Revolving Credit Facility was amended in June 2022 and extended to June 2027. Pulte Mortgage's $655.0 million repurchase agreement matures in July 2023 and must be refinanced within the next twelve months. Management stated that its debt-to-total capitalization ratio, excluding Financial Services debt, was 22.5%, up from 21.3%.

    Oct 25, 2022
  14. 2022-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2022

    PulteGroup, Inc. (NYSE: PHM), one of the largest homebuilders in the United States, reported a strong second quarter of 2022 with net income of $652.4 million, or $2.73 diluted earnings per share, up from $503.4 million, or $1.90 per diluted share, in the prior-year quarter. Home sale revenues rose 18% to $3.81 billion, driven by a 19% increase in average selling price to $531 thousand, while closings were down 1% to 7,177 units. Home sale gross margin improved to 30.9% from 26.6%. For the six months, net income was $1.11 billion, or $4.54 per diluted share. Demand softened notably in the quarter. Net new orders fell 23% in units for the three months, and the cancellation rate rose to 15% from 7%, which management attributed to a historic increase in mortgage interest rates, affordability pressures, and inflation. Production cycle times lengthened by approximately eight weeks versus the prior year, and homes in production rose 33% to 24,635. Backlog dollars increased 18% to $11.61 billion, reflecting higher prices and longer build times. Financial Services income before taxes fell 22% for the quarter, reflecting a lower capture rate of 79.5% for the six months versus 86.9% a year earlier. On the balance sheet, cash and equivalents declined to $662.8 million from $1.78 billion at year-end 2021, as inventory rose to $10.73 billion from $9.05 billion and the company repurchased 17.4 million shares for $794.2 million in the six months. Operating cash flow was $102.3 million for the six months. The company amended its revolving credit facility to $1.3 billion and extended maturity to June 2027, and it has $663.3 million remaining under its share repurchase authorization. Management stated the company has adequate liquidity over the next twelve months and beyond.

    Jul 26, 2022
  15. 2022-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2022

    PulteGroup, Inc. (NYSE: PHM) reported first-quarter 2022 net income of $454.7 million, or $1.83 per diluted share, compared with $304.1 million, or $1.13 per diluted share, in the first quarter of 2021. Total revenues rose to $3.19 billion from $2.73 billion. Home sale revenues increased to $3.07 billion from $2.60 billion, driven by an 18% increase in average selling price to $508 thousand, while closings were flat at 6,039 units. Home sale gross margin expanded to 29.0% from 25.5%. Net new orders in units fell 19%, reflecting a 7% reduction in average community count and deliberate moderation of sales pace, while backlog dollars rose 31% to $11.52 billion. Financial Services income before taxes decreased 39% to $40.6 million, reflecting a lower capture rate and lower revenue per loan amid increased mortgage industry competition. The filing notes that production cycle times lengthened by approximately eight weeks versus the prior year period, and that the company is facing significant cost pressures in lumber, labor, and other materials, which it expects to largely offset through pricing. Cash and equivalents fell to $1.15 billion from $1.78 billion at year-end 2021, largely due to $500.0 million of share repurchases and a $814.8 million increase in inventories. Operating cash flow was $207.7 million. The company's debt-to-total-capitalization ratio, excluding Financial Services debt, was 21.5%, versus 21.3% at December 31, 2021. The company reports $2.0 billion of unsecured senior notes, with the next maturity of $500.0 million in March 2026, and a $1.0 billion revolving credit facility maturing June 2023. Remaining share repurchase authorization was $957.6 million at quarter-end.

    Apr 28, 2022
  16. 2021-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2021

    PulteGroup, Inc. (PHM) reported strong results for the nine months ended September 30, 2021. Net income was $1.28 billion ($4.85 diluted EPS) versus $968.7 million ($3.56) a year earlier. Total revenues rose to $9.57 billion from $7.84 billion, driven by home sale revenues of $9.16 billion, up 22%. Homebuilding gross margin on home sales was 26.2% versus 24.1%, and closings increased 14% to 20,283 units. Homebuilding pre-tax income rose 40% to $1.49 billion, though results include a $61.5 million loss on debt retirement from the accelerated repurchase of 2026 and 2027 senior notes. Demand remained strong. Net new order dollars rose 32% for the nine months, while third-quarter net new order units fell 17% as the company managed sales pace against production capacity and a 14% reduction in community count. Ending backlog dollars increased 56% to $10.31 billion. Management noted supply chain delays, elongated production cycles, and elevated lumber and material costs, which it said it has largely offset through pricing. Cash flow from operations was $548.2 million for the nine months, reduced by a $1.1 billion increase in inventories. Notes payable declined to $2.06 billion from $2.75 billion, and the company repurchased 12.0 million shares for $614.3 million, leaving $740.6 million of repurchase authorization. Financial Services pre-tax income rose 16% for the nine months to $166.4 million, while the third quarter declined 24% on lower revenue per loan from increased competition. The company stated it was in compliance with all covenants on its revolving credit facility and believes it has adequate liquidity for the foreseeable future.

    Oct 26, 2021
  17. 2021-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2021

    PulteGroup, Inc. (PHM) reported a strong second quarter 2021 in its Form 10-Q for the period ended June 30, 2021. Total revenues were $3.36 billion for the three months ended June 30, 2021, up from $2.59 billion a year earlier, and net income was $503.4 million, or $1.90 per diluted share, compared with $348.6 million, or $1.29 per diluted share. For the six months, net income was $807.5 million, or $3.03 per diluted share. Home sale revenues rose 31% in the quarter, driven by a 22% increase in closings and a 7% increase in average selling price. Net new orders rose 28% in units and 59% in dollars, and ending backlog reached $9.85 billion, up 70%. Homebuilding gross margin on home sales was 26.6% for the quarter, compared with 23.9% a year earlier. The company has continued to manage costs through pricing, and the filing notes elevated lumber costs and supply chain delays that have lengthened production cycles by roughly two weeks in most markets. Management said it is moderating lot releases and new order pace to balance sales against production capacity. Balance sheet deleveraging was significant. Notes payable fell to $2.05 billion from $2.75 billion at year-end 2020, following the retirement of $426 million of notes due in March 2021 and a tender offer that retired $300 million of notes due 2026 and 2027, which produced a $61.5 million loss on debt retirement. The ratio of debt to total capitalization, excluding Financial Services debt, was 22.7%, compared with 29.5% at December 31, 2020. Cash and equivalents totaled $1.66 billion, and $739.1 million was available under the revolving credit facility. The board approved an additional $1.0 billion share repurchase authorization in April 2021, and the company repurchased 6.9 million shares for $353.7 million in the first half.

    Jul 27, 2021
  18. 2021-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2021

    PulteGroup, Inc. (NYSE: PHM) reported net income of $304.1 million, or $1.13 per diluted share, for the three months ended March 31, 2021, up from $203.7 million, or $0.74 per diluted share, a year earlier. Total revenues rose to $2.73 billion from $2.29 billion. Homebuilding home sale revenues reached $2.60 billion, with 6,044 closings at an average selling price of $430 thousand, and the home sale gross margin was 25.5% versus 23.7% in the prior-year period. Income before income taxes in Homebuilding increased 34%, and Financial Services income before income taxes increased 239%. Results were partly offset by a $61.5 million loss on debt retirement from the accelerated redemption of $300.0 million of 2026 and 2027 senior notes. Demand was very strong: net new orders rose 31% in units and 42% in dollars, the cancellation rate fell to 8% from 13%, and ending backlog reached 18,966 units, up 50%, with a backlog value of $8.83 billion, up 58%. The filing notes that supply chain disruptions and approval delays have lengthened production cycles, and that cost pressures from lumber, labor and materials are expected to be offset largely through price increases. Balance sheet and capital returns were strengthened during the quarter. Notes payable fell to $2.03 billion from $2.75 billion, and the debt-to-capitalization ratio, excluding Financial Services debt, was 23.3% versus 29.5% at year-end 2020. Cash and equivalents totaled $1.58 billion, and $764.3 million was available under the Revolving Credit Facility. The company repurchased 3.3 million shares for $153.7 million and declared dividends of $37.3 million. On April 26, 2021, the Board approved an additional $1.0 billion share repurchase authorization.

    Apr 27, 2021
  19. 2020-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2020

    PulteGroup, Inc. (NYSE: PHM) reported a strong third quarter 2020 in its Form 10-Q. Net income for the three months ended September 30, 2020 was $416.4 million, or $1.54 per diluted share, versus $273.1 million, or $0.99 per share, a year earlier. For the nine months, net income was $968.7 million, or $3.56 per diluted share, compared with $680.9 million, or $2.44 per share. Total revenues were $2.95 billion for the quarter and $7.84 billion for the nine months. Home sale revenues rose to $2.82 billion in the quarter, with 6,454 closings and net new orders of 8,202 units, up 36% in units over the prior-year quarter. Homebuilding gross margin from home sales was 24.5% for the quarter, compared with 23.1% a year earlier. The filing describes significant COVID-19 disruption. The company closed sales centers, shifted to virtual sales, reduced overhead, drew $700.0 million on its revolving credit facility in March 2020 and repaid it in June, and suspended share repurchases. Demand rebounded sharply from June through September. The filing also notes supply chain delays, cost pressures from labor and materials (especially lumber), and a $20.2 million goodwill impairment tied to the ICG acquisition recorded in the first quarter. Results were supported by $59.4 million of insurance reserve reversals and a tax benefit of $53.2 million for the quarter from federal energy efficient home credits. Balance sheet liquidity remained solid. At September 30, 2020, the company had $2.1 billion of cash and equivalents, $749.3 million available under its revolving credit facility, and $2.7 billion of unsecured senior notes. The ratio of debt to total capitalization, excluding Financial Services debt, was 30.8%, within the company's 30.0% to 40.0% target range. The company stated it had adequate liquidity for the foreseeable future and that share repurchases were reinstated in October 2020.

    Oct 22, 2020
  20. 2020-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2020

    PulteGroup, Inc. (NYSE: PHM) reported second-quarter 2020 results in this Form 10-Q filed July 23, 2020. Total revenues for the three months ended June 30, 2020 were $2.59 billion, up from $2.49 billion in the prior-year quarter, and net income was $348.6 million, or $1.29 per diluted share, compared with $241.0 million, or $0.86 per diluted share, a year earlier. For the six months, net income was $552.3 million ($2.03 per diluted share). Homebuilding income before income taxes rose 34% in the quarter, aided by $60.7 million of insurance reserve reversals, while Financial Services pre-tax income rose 141%. Home sale gross margin was 23.9% for the quarter, versus 23.1% a year earlier. The filing describes a sharp COVID-19 disruption in March and April 2020, when net new orders fell 11% in March and 53% in April compared with prior periods. Demand rebounded in June, with net new orders up 50% over June 2019. Management protected liquidity by drawing $700.0 million on its revolving credit facility in March, repaying it in June, suspending share repurchases, and slowing land and speculative home spending. Cash and equivalents were $1.66 billion at June 30, 2020, and the company had $755.2 million available under its revolver. Shareholders' equity rose to $5.85 billion. The filing also notes a $20.2 million goodwill impairment tied to the January 2020 acquisition of Innovative Construction Group, $10.3 million of severance expense, and continuing contingent exposure from pre-2009 mortgage loan claims, including a Lehman Brothers action against CTX Mortgage seeking up to $261 million. Management states that the pandemic's duration and severity remain uncertain.

    Jul 23, 2020
  21. 2020-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2020

    PulteGroup, Inc. (NYSE: PHM) reported first-quarter 2020 net income of $203.7 million, or $0.74 per diluted share, versus $166.8 million, or $0.59 per diluted share, a year earlier. Total revenues were $2.29 billion, up from $2.00 billion, driven by home sale revenues of $2.22 billion (closings up 16% to 5,373 units, with average selling price down 2% to $413 thousand). Homebuilding income before taxes rose 20%, partly offset by a $20.2 million goodwill impairment on its January 2020 acquisition of Innovative Construction Group. Financial Services income before taxes rose 58%. The filing is dominated by the COVID-19 pandemic. The company states that construction and sales operations are significantly curtailed in Washington, Michigan, Pennsylvania and certain Northern California counties, and that net new orders in March 2020 fell 11% below March 2019 with the slowdown continuing into April. Management says it cannot reasonably estimate the length or severity of the pandemic and warns that an extended economic slowdown could materially affect financial position, results and cash flows in fiscal 2020 or beyond. To protect liquidity, the company drew $700.0 million on its Revolving Credit Facility as a precaution, delayed land acquisitions, limited spec home construction and suspended share repurchases. Liquidity remained substantial at quarter-end, with $1.8 billion of unrestricted cash and equivalents and $43.9 million available under the revolver. Total debt excluding Financial Services debt was 38.5% of total capitalization, compared with 33.6% at December 31, 2019. Shareholders' equity was $5.53 billion, and the company stated it was in compliance with all revolving credit facility covenants.

    Apr 23, 2020
  22. 2019-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2019

    PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2019 net income of $273.1 million, or $0.99 per diluted share, versus $289.5 million, or $1.01 per diluted share, in the prior-year quarter. Home sale revenues rose to $2.64 billion from $2.57 billion, with 6,186 closings at an average selling price of $426 thousand. Homebuilding income before taxes declined 9% for the quarter and 13% for the nine months, primarily due to lower gross margins; home sale gross margin was 23.1% for the quarter versus 24.0% a year earlier. Financial Services income before taxes grew 64% for the quarter, driven by higher volumes and a capture rate of 81.6% for the nine months. Demand improved during the quarter: net new orders rose 13% in units and 11% in dollars for the third quarter, with the cancellation rate at 15%. Ending backlog increased 2% year over year to $5.01 billion, and the company held 865 active communities. Management cited lower mortgage rates and slower price appreciation as supporting the improvement. Capital activity in the nine months included repurchasing $244.4 million of common shares, a $500.0 million increase in the repurchase authorization (leaving $555.5 million remaining), a tender offer retiring $274.0 million of 2021 senior notes, and the $163.7 million acquisition of American West's Las Vegas homebuilding operations. Cash and equivalents totaled $737.0 million at quarter end, and the debt-to-capitalization ratio excluding Financial Services debt was 34.6%. Operating cash flow for the nine months was $582.8 million, down from $1.01 billion a year earlier, as inventories increased $427.2 million.

    Oct 22, 2019
  23. 2019-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2019

    PulteGroup, Inc. (PHM) reported second-quarter 2019 results with net income of $241.0 million, or $0.86 per diluted share, down from $324.1 million, or $1.12 per diluted share, in the prior-year quarter. Total revenues were $2.49 billion versus $2.57 billion a year earlier. Homebuilding home sale revenues were $2.40 billion on 5,589 closings at an average selling price of $430 thousand, while the prior-year quarter included $26.4 million of land sale gains in California. Home sale gross margin was 23.1% compared with 24.0% a year earlier. Management attributed improved demand in the quarter to lower mortgage rates and slower price appreciation, with net new orders up 7% in units to 6,792 and the cancellation rate at 14%. Financial Services income before income taxes rose 21% to $25.1 million, driven by higher volume and improved margin per loan. Homebuilding income before income taxes fell 24% to $295.7 million. For the six months, net income was $407.8 million, and net cash provided by operating activities was $305.7 million, compared with $547.6 million a year earlier, reflecting a $399.5 million increase in inventories. The company acquired the American West homebuilding operations in Las Vegas for $163.7 million in April 2019, and in the quarter it retired $274.0 million of senior notes due 2021, recording a $4.8 million loss. At June 30, 2019, cash and equivalents totaled $631.3 million, notes payable were $2.74 billion, and shareholders' equity was $5.07 billion. The company repurchased 3.5 million shares for $108.5 million in the first half and had $691.4 million of repurchase authorization remaining after a $500.0 million increase in May 2019. Ending backlog was 11,793 units worth $5.11 billion.

    Jul 23, 2019
  24. 2019-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2019

    PulteGroup, Inc. reported net income of $166.8 million, or $0.59 per diluted share, for the three months ended March 31, 2019, compared with $170.8 million, or $0.59 per diluted share, in the prior-year period. Total revenues were $1.997 billion versus $1.970 billion a year earlier. Homebuilding income before income taxes decreased 3% to $204.3 million, driven by lower gross margin and higher SG&A, partially offset by slightly higher revenues. Home sale revenues rose 2% to $1.950 billion, on a slight increase in closings and a 2% increase in average selling price, while the home sale gross margin was 23.4% versus 23.6%. Net new orders declined 6% in units and 5% in dollars, and backlog decreased 6% in units at March 31, 2019. Financial Services income before income taxes decreased 10% to $12.4 million, reflecting competitive pricing in the mortgage industry. The company ended the quarter with $1.06 billion of unrestricted cash and equivalents, $767.1 million available under its Revolving Credit Facility, and $3.0 billion of unsecured senior notes, with no maturities until 2021. Shareholders' equity rose to $4.93 billion. The company repurchased 0.9 million shares for $25.0 million and declared $30.8 million in dividends, and $274.9 million remained under its repurchase authorization. Management stated that demand conditions became more challenging beginning in mid-2018 due to affordability concerns, though traffic has increased relative to the prior year as mortgage rates declined slightly. Management also noted an increase in spec homes in production, a higher number of homes in production, and a $11.6 million write-off of insurance receivables tied to an arbitration settlement. A pending Lehman Brothers adversary proceeding against CTX Mortgage seeks indemnifiable losses of up to $261 million, and the company has recorded a liability it considers its best estimate within the range of potential losses.

    Apr 23, 2019
  25. 2018-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2018

    PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2018 results in its Form 10-Q filed October 23, 2018. Net income for the three months ended September 30, 2018 was $289.5 million, or $1.01 per diluted share, versus $177.5 million, or $0.58 per diluted share, a year earlier. For the nine months, net income was $784.4 million, or $2.71 per diluted share, compared with $369.8 million, or $1.18 per diluted share. Home sale revenues rose 25% in the quarter to $2.57 billion, driven by a 17% increase in closings to 6,031 units and a 7% increase in average selling price to $427 thousand. Homebuilding gross margin from home sales was 24.0% for the quarter, and the nine-month comparison included land-related charges and a warranty charge recorded in 2017 that did not recur at the same level in 2018. Net new orders in units rose 1% in the quarter and 4% for the nine months, while net new order dollars rose 7% for the nine months. Backlog at September 30, 2018 stood at 11,164 units and $4.91 billion, up 3% and 5% respectively from a year earlier. Management attributed a slowdown in signup conversions beginning in May 2018 to higher mortgage rates, particularly among first-time and move-up buyers. Financial Services income before taxes increased 10% in the quarter, though the filing notes slower refinance activity and lower loan margins. On the balance sheet, cash and equivalents were $728.6 million and notes payable were $3.01 billion at September 30, 2018, against shareholders' equity of $4.73 billion. Operating cash flow for the nine months was $1.01 billion, versus $252.5 million a year earlier, while the company repurchased 5.8 million shares for $172.1 million and had $422.4 million remaining under its authorization. In June 2018 the company replaced its revolving credit facility with a $1.0 billion facility maturing in June 2023.

    Oct 23, 2018
  26. 2018-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2018

    PulteGroup, Inc. (PHM), one of the largest homebuilders in the United States, reported strong second-quarter 2018 results. Net income for the three months ended June 30, 2018 was $324.1 million, or $1.12 per diluted share, versus $100.7 million, or $0.32 per diluted share, a year earlier. For the six months, net income was $494.8 million, or $1.71 per diluted share, compared with $192.3 million, or $0.60. Total revenues for the quarter were $2.57 billion, up from $2.02 billion, and home sale revenues rose to $2.45 billion from $1.97 billion. Home sale gross margin reached 24.0% for the quarter compared with 21.1% a year earlier, and the company attributed the improvement to community mix, favorable pricing, and lower amortized interest costs. Management also cited a $37.9 million insurance reserve reversal and $26.4 million of gains from two California land sales in the current period, and land-related charges of $125.6 million in the prior-year quarter. Orders and backlog grew. Net new order dollars rose 10% for the six months, and backlog increased 17% to $5.2 billion at June 30, 2018, though signups fell 1% in the quarter as mortgage rates rose from May 2018 and conversion of traffic weakened, especially among first-time and move-up buyers. Cash from operations was $547.6 million for the six months, compared with $176.3 million a year earlier. Shareholders' equity increased to $4.53 billion. The company repurchased 3.5 million shares for $105.1 million in the first half and had $489.3 million remaining under its authorization. In June 2018 it replaced its revolving credit facility with a $1.0 billion facility maturing in June 2023, and it reported $785.4 million of available, unused borrowings at June 30, 2018. The filing notes that the Tax Cuts and Jobs Act reduced the federal statutory rate from 35% to 21%, and the effective tax rate was 20.8% for the quarter and 21.9% for the six months. The company had not fully completed its accounting for the Tax Act but reported no material adjustments in the period. Its senior notes totaled $3.0 billion, with the next maturity of $700.0 million due in 2021.

    Jul 26, 2018
  27. 2018-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2018

    PulteGroup, Inc. (NYSE: PHM) reported first-quarter 2018 net income of $170.8 million, or $0.59 per diluted share, up from $91.5 million, or $0.28 per diluted share, in the prior-year quarter. Total revenues rose to $1.97 billion from $1.63 billion. Homebuilding home sale revenues were $1.91 billion, up 21%, driven by a 10% increase in average selling price to $413 thousand and a 9% increase in closings to 4,626 units. Homebuilding income before income taxes increased 67% to $210.4 million, and the company cited improved gross margins and overhead leverage. The gross margin from home sales was 23.6%, compared with 23.2% a year earlier, and the effective tax rate fell to 23.8% from 34.3% following the Tax Cuts and Jobs Act. Demand indicators strengthened. Net new order dollars rose 18% to $2.89 billion, and backlog increased 30% in dollars to $4.96 billion, with 11,245 units in backlog. Financial Services income before income taxes was roughly flat at $13.8 million. Cash flow from operations was $169.0 million, compared with $39.8 million a year earlier, and the company repurchased 1.7 million shares for $52.5 million while paying $26.3 million in dividends. Balance sheet items include $3.0 billion of senior notes, with no maturities until $700.0 million due in 2021. The $1.0 billion revolving credit facility had no borrowings outstanding at March 31, 2018, and $773.7 million was available. The company stated its debt-to-capitalization ratio, excluding Financial Services debt, was 41.9%, and that it was in compliance with all covenants. Shareholders' equity rose to $4.27 billion from $4.15 billion at year-end 2017.

    Apr 24, 2018
  28. 2017-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2017

    PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2017 results with net income of $177.5 million, or $0.58 diluted EPS, on total revenues of $2.13 billion, up from $1.94 billion a year earlier. Homebuilding home sale revenues rose 9% to $2.06 billion, driven by a 7% increase in average selling price ($399 thousand versus $374 thousand) and a 2% increase in closings to 5,151 units. Gross margin from home sales declined to 23.9% from 24.7%. Nine-month net income was $369.8 million, or $1.18 diluted EPS, and nine-month results included $131.3 million of land-related charges, including $120.0 million tied to a May 2017 plan to sell non-core land parcels, along with a $12.3 million warranty charge in Florida. Orders and backlog grew strongly. Net new order dollars rose 23% in the quarter and 20% year to date, and backlog reached $4.67 billion at September 30, 2017, up 26% from a year earlier. Management attributed part of the closing and order activity to the disruption from Hurricanes Harvey and Irma. Financial Services income before taxes fell 16% in the quarter on lower revenue per loan and more competitive mortgage origination markets. From a balance sheet perspective, total assets were $9.97 billion and shareholders' equity was $4.35 billion, compared with $10.18 billion and $4.66 billion at December 31, 2016. Cash and equivalents declined to $158.2 million, and the company drew $83.0 million on its revolving credit facility. The company repurchased 27.8 million shares for $659.8 million in the first nine months, leaving $345.0 million of repurchase authorization, and it increased its revolving facility capacity to $1.0 billion in October 2017. The ratio of debt to total capitalization, excluding Financial Services debt and limited recourse notes, was 42.4%.

    Oct 24, 2017
  29. 2017-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2017

    PulteGroup, Inc. (NYSE: PHM) reported second-quarter 2017 results with total revenues of $2.02 billion, up from $1.80 billion a year earlier, and net income of $100.7 million, or $0.32 per diluted share, compared with $117.8 million, or $0.34 per diluted share, in the prior-year quarter. Homebuilding home sale revenues rose 12% to $1.97 billion on a 6% increase in closings to 5,044 units and a 6% increase in average selling price to $390 thousand. Net new orders rose 12% in units and 23% in dollars, and backlog reached $4.46 billion at June 30, 2017, up 19% in dollars. Profitability was pressured by a $125.6 million land-related charge in the quarter, tied to a May 3, 2017 plan to sell about 4,600 inactive lots and monetize two small communities representing 400 lots. Home sale gross margin fell to 21.1% from 25.2%, and pretax income from Homebuilding declined 40% to $103.6 million. The company also recorded a $12.1 million warranty charge on a closed-out Florida community, partly offset by a $19.8 million insurance reserve reversal. Cash and balance sheet activity included $405.8 million of share repurchases for the six months, with $604.9 million of authorization remaining at June 30, 2017. Cash and equivalents stood at $208.2 million, with $516.0 million available under the revolving credit facility, and the debt-to-capitalization ratio, excluding Financial Services debt and limited recourse notes, was 41.2%. Shareholders' equity declined to $4.44 billion from $4.66 billion at year-end 2016.

    Jul 25, 2017
  30. 2017-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2017

    PulteGroup, Inc. (NYSE: PHM) reported first-quarter 2017 net income of $91.5 million, or $0.28 per diluted share, compared with $83.3 million, or $0.24 per diluted share, in the first quarter of 2016. Total revenues rose to $1.63 billion from $1.43 billion, driven by Homebuilding home sale revenues of $1.59 billion, up 14% from $1.39 billion. Closings increased 7% to 4,225 units and the average selling price rose 6% to $375 thousand, while the home sale gross margin declined to 23.2% from 25.5%. Management cited a $15.0 million expense tied to the resolution of certain insurance matters. Orders and backlog grew. Net new order dollars increased 16% to $2.45 billion, and backlog rose 13% in dollars to $3.80 billion at March 31, 2017. Financial Services pre-tax income increased 38% to $13.5 million on higher origination volume. Operating cash flow turned positive at $39.8 million, compared with a $62.9 million use in the prior year period, as the seasonal reduction in mortgage loans available-for-sale offset a $267.0 million increase in inventories. Balance sheet activity was modest. The company repurchased 4.7 million shares for $100.0 million, paid $29.1 million in dividends, and had $904.8 million remaining under its repurchase authorization. Total senior notes were $3.11 billion, the revolving credit facility had no borrowings, and the company reported $523.1 million of availability under it. The ratio of debt to total capitalization, excluding Financial Services debt, was 40.0%.

    Apr 25, 2017
  31. 2016-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2016

    PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2016 results with total revenues of $1.94 billion, up from $1.51 billion a year earlier, and net income of $128.5 million, or $0.37 per diluted share, compared with $107.8 million, or $0.30 per diluted share, in the prior-year quarter. Homebuilding home sale revenues rose 29% to $1.88 billion on a 16% increase in closings to 5,037 units and an 11% increase in average selling price to $374 thousand. Net new orders rose 25% in dollars to $1.83 billion, and backlog grew 20% in dollars to $3.70 billion at September 30, 2016. Home sale gross margin declined to 21.1% from 23.6%, which the company attributes partly to fair value adjustments on homes acquired from Wieland in January 2016 for $430.5 million in cash. The balance sheet shows a meaningful shift in leverage. Senior notes rose to $3.11 billion from $1.58 billion at year-end 2015, after the company issued $2.0 billion of senior unsecured notes in February and July 2016, retired $465.2 million of notes maturing in May 2016, and repaid the term loan. Cash and equivalents declined to $434.2 million from $754.2 million, and house and land inventory increased to $6.95 billion from $5.45 billion. Operating cash flow for the nine months was negative $312.2 million, driven by a $1.1 billion inventory build. The company's ratio of debt to total capitalization, excluding Financial Services debt, was 40.0%. Capital returns continued during the period. The company repurchased 17.7 million shares for $347.7 million in the first nine months, declared dividends of $93.1 million, and in July 2016 the board increased the repurchase authorization by $1.0 billion, leaving $1.3 billion available. The filing states that the company expects to repurchase $250.0 million of shares in the fourth quarter of 2016 and $1.0 billion in 2017.

    Oct 20, 2016
  32. 2016-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2016

    PulteGroup, Inc. (NYSE: PHM) reported second-quarter 2016 net income of $117.8 million, or $0.34 per diluted share, up from $103.3 million, or $0.28 per diluted share, in the prior-year quarter. Total revenues rose to $1.80 billion from $1.28 billion, driven by home sale revenues of $1.75 billion, up 41% on a 27% increase in closings and an 11% increase in average selling price. Homebuilding gross margin from home sales narrowed to 21.5% from 23.3%, with the Wieland acquisition contributing 70 basis points to that decline. Six-month net income was $201.1 million, or $0.57 per diluted share. The balance sheet expanded meaningfully over the period. Total assets reached $9.51 billion, with house and land inventory rising to $6.63 billion from $5.45 billion at year-end 2015, while senior notes increased to $2.10 billion. The company issued $1.0 billion of senior unsecured notes in February 2016, used to retire $465.2 million of notes maturing in May 2016, and acquired substantially all assets of John Wieland Homes ('Wieland') for $430.0 million in cash. Cash and equivalents fell to $229.2 million, and net cash used in operating activities was $325.3 million for the six months, reflecting a $810.4 million increase in inventories. Net new order dollars rose 22% for the six months, and backlog dollars increased 21% to $3.75 billion. Capital returns and governance also featured prominently. The company declared $62.7 million in dividends for the six months and repurchased 5.6 million shares for $97.7 million. On July 20, 2016, the Board raised the repurchase authorization by $1.0 billion to $1.5 billion, with plans to repurchase $250.0 million in each of the third and fourth quarters of 2016 and $1.0 billion in 2017. The same day, the company entered into a letter agreement with Elliott Associates, L.P. and Elliott International, L.P. that expands the Board to 13 members and adds three nominees, and the company announced plans to reduce SG&A from an expected 10% of 2016 home sale revenues to 9% or less of 2017 home sale revenues.

    Jul 21, 2016
  33. 2016-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2016

    PulteGroup, Inc. (PHM) reported first-quarter 2016 net income of $83.3 million, or $0.24 per diluted share, compared with $55.0 million, or $0.15 per diluted share, in the first quarter of 2015. Total revenues rose to $1.43 billion from $1.13 billion. Home sale revenues were $1.39 billion, up 28%, driven by a 17% increase in closings to 3,945 units and a 9% increase in average selling price to $353 thousand. Gross margin from home sales declined to 21.9% from 22.7%, with the assets acquired from Wieland contributing 80 basis points to that decrease. Income before income taxes was $118.2 million, and the effective tax rate fell to 29.5% from 42.6%, reflecting the favorable resolution of certain state income tax matters. Demand and backlog grew strongly. Net new order dollars increased 24% to $2.11 billion, and backlog dollars increased 31% to $3.36 billion at March 31, 2016. The cancellation rate rose to 13% from 11%. Inventory increased to $6.20 billion from $5.45 billion, and homes in production were 41% higher than a year earlier, partly reflecting a decision to increase unsold homes under construction. On the balance sheet, the company issued $1.0 billion of senior unsecured notes in February 2016 and acquired substantially all assets of JW Homes (Wieland) for about $430 million in cash. Cash and equivalents rose to $995.7 million, and senior notes increased to $2.57 billion from $1.58 billion. Operating cash flow was negative $64.1 million due to the inventory build. Shareholders' equity was $4.77 billion. The Chairman and CEO, Richard J. Dugas, Jr., informed the board on April 4, 2016 of his intention to retire at the 2017 Annual Meeting, and the board has formed a committee to search for a successor.

    Apr 21, 2016
  34. 2015-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2015

    PulteGroup, Inc. (NYSE: PHM), one of the largest homebuilders in the United States, reported third-quarter 2015 net income of $107.8 million, or $0.30 diluted earnings per share, compared with $140.5 million, or $0.37 per diluted share, in the prior-year quarter. Total revenues were $1.51 billion versus $1.59 billion a year earlier. Homebuilding home sale revenues fell to $1.46 billion from $1.55 billion, reflecting 4,356 closings compared with 4,646 in the prior-year quarter, partly offset by a higher average selling price of $336 thousand. Results include a $20.0 million charge tied to the Applecross litigation, which a jury decided against the company on September 28, 2015, partly offset by a $5.7 million legal settlement reserve reversal in the quarter. For the nine months ended September 30, 2015, net income was $266.1 million, or $0.73 diluted per share, versus $257.2 million, or $0.67 per diluted share, a year earlier. Net new orders rose 7% in units to 14,349 and 11% in dollars to $4.94 billion, and backlog at quarter-end reached $3.09 billion. Operating cash flow was negative at $246.8 million for the nine months, driven by an $835.3 million increase in inventories. The company repurchased 21.2 million shares for $433.7 million during the nine months and entered a $500.0 million unsecured term loan on September 30, 2015, while retiring $238.0 million of senior notes at maturity. Cash and equivalents stood at $734.2 million and senior notes at $1.58 billion carrying value. Management continues to describe a slow but sustained U.S. housing recovery supported by an improving economy, low mortgage rates, and favorable demographics, and plans to open approximately 200 new communities in 2015. The filing notes that labor constraints and weather delayed home closings during the period.

    Oct 22, 2015
  35. 2015-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2015

    PulteGroup, Inc. (PHM) reported its second-quarter and first-half 2015 results in this Form 10-Q. For the three months ended June 30, 2015, consolidated total revenues were $1.28 billion and net income was $103.3 million, or $0.28 per diluted share, compared with $41.9 million, or $0.11 per diluted share, in the prior-year quarter. For the six months ended June 30, 2015, net income was $158.3 million, or $0.43 per diluted share, versus $116.7 million, or $0.30 per diluted share, a year earlier. The quarter benefited from a $26.9 million reserve reversal tied to a legal settlement, while the prior-year period included an $84.5 million charge to increase insurance reserves and $3.7 million of headquarters relocation costs. Operationally, net new orders rose 7% in units for the quarter and 6% for the six months, and backlog units at June 30 were 10% higher than a year earlier. Home sale gross margin was 23.3% for the quarter, down from 23.6% a year earlier, with management citing shifts in community mix and higher land, labor and materials costs. Homebuilding SG&A fell sharply in dollar terms versus the prior-year quarter, largely because of the prior-year insurance charge. The company expects to open approximately 200 new communities in 2015 and to operate from roughly 600 to 620 communities during the year. Balance sheet and cash flow show a shift in liquidity. Cash and equivalents fell to $460.4 million from $1.29 billion at December 31, 2014, and inventory rose to $4.89 billion from $4.39 billion. Net cash used in operating activities was $191.1 million for the six months, driven by a $485.7 million increase in inventories. The company repurchased 15.3 million shares for $313.0 million, paid $59.1 million in dividends, and retired $238.0 million of senior notes at maturity. Senior notes totaled $1.58 billion, the ratio of debt to total capitalization excluding Financial Services debt was 25.6%, and $425.4 million remained under the repurchase authorization.

    Jul 23, 2015
  36. 2015-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2015

    PulteGroup, Inc. (PHM) reported a first-quarter 2015 net income of $54.97 million, or $0.15 per diluted share, down from $74.82 million, or $0.19 per diluted share, in the prior-year period. Total revenues rose slightly to $1.13 billion from $1.12 billion. Homebuilding income before income taxes fell to $90.7 million from $108.4 million, which management attributed primarily to lower gross margins and higher overhead costs on similar volume levels. Home sale gross margin was 22.7% compared with 23.8% a year earlier, and SG&A as a percentage of home sale revenues rose to 14.8% from 13.3%. Financial Services income before income taxes dropped to $5.1 million from $21.6 million, largely because the prior-year period included an $18.6 million reduction in loan origination liabilities. Demand indicators were stronger. Net new orders rose 6% in units to 5,139 and 6% in dollars to $1.71 billion, and backlog grew 6% in both units and dollars at March 31, 2015. Closings were roughly flat at 3,365 units, and the average selling price increased 2% to $323 thousand. The company expects to open about 200 new communities in 2015 while operating approximately 600 to 620 communities during the year. Cash flow and balance sheet trends were mixed. Operating cash flow was negative $25.4 million, compared with positive $91.4 million a year earlier, driven primarily by a $231.0 million increase in inventories. Cash and equivalents fell to $1.05 billion from $1.29 billion, partly reflecting $107.955 million of stock repurchases and $29.6 million of dividends paid. Senior notes were $1.82 billion, and the company had $638.8 million remaining under its share repurchase authorization at March 31, 2015.

    Apr 23, 2015
  37. 2014-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2014

    PulteGroup, Inc. (PHM) reported third-quarter 2014 results with net income of $140.5 million, or $0.37 per diluted share, compared with $2.28 billion, or $5.87 per diluted share, in the third quarter of 2013. The 2013 period included a $2.1 billion reversal of deferred tax valuation allowance, so the year-over-year comparison of net income is distorted. Homebuilding income before income taxes rose to $214.1 million from $163.6 million, driven by higher gross margins. Home sale revenues grew 4% to $1.55 billion on an 8% increase in average selling price, offset by a 4% decline in closings. For the nine months, net income was $257.2 million, or $0.67 per diluted share, and the company reported a 23.4% gross margin from home sales, up 400 bps. The company's balance sheet remained strong, with unrestricted cash and equivalents of $1.2 billion, senior notes of $1.8 billion, and shareholders' equity of $4.71 billion at September 30, 2014. During the nine months, PulteGroup retired $245.7 million of senior notes early, repurchased 7.7 million shares for $147.8 million, and paid dividends. Operating cash flow was $201.8 million for the nine months, down from $555.0 million a year earlier, largely due to a $384.6 million increase in inventories. Management noted that the company's active community count declined 1%, consistent with a more disciplined land strategy, while net new orders in units were flat for the quarter. Subsequent to quarter-end, in October 2014, the board raised the quarterly dividend 60% to $0.08 per share and added $750.0 million to the share repurchase authorization. The company also recorded an $84.5 million charge in the second quarter to increase general liability insurance reserves, primarily tied to siding repairs in previously completed communities. Total general liability reserves stood at $734.7 million at quarter-end.

    Oct 23, 2014
  38. 2014-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2014

    PulteGroup, Inc. (PHM) reported results for the quarter ended June 30, 2014 in this Form 10-Q. Second-quarter total revenues were $1.29 billion, versus $1.28 billion a year earlier, and net income was $41.9 million, or $0.11 per diluted share, compared with $36.4 million, or $0.09, in the prior-year quarter. Homebuilding home sale revenues rose to $1.25 billion, driven by a 12% increase in average selling price that offset a 9% decline in closings. Home sale gross margin improved to 23.6% from 18.8%. Results were held back by an $84.5 million charge to increase general liability insurance reserves, which lifted SG&A to $229.8 million in the quarter. For the six months ended June 30, 2014, net income was $116.7 million, or $0.30 per diluted share, compared with $118.2 million a year earlier. Pretax income rose to $197.7 million from $120.7 million, and the company reported homebuilding gross margin of 23.7%. Net new orders declined 2% in the quarter, and the active community count fell 6% to 589, which management attributes to a more disciplined land investment strategy. Financial Services income before taxes fell 44% in the quarter on lower loan pricing from increased industry competition. Balance sheet and capital actions were significant. Cash and equivalents were $1.17 billion at June 30, 2014, against senior notes of $1.82 billion, after the company retired $245.7 million of senior notes early. During the first half, the company repurchased 5.0 million shares for $97.6 million and paid dividends of $0.05 per share each quarter. On July 23, 2014, the company entered into a $500 million senior unsecured revolving credit facility maturing July 21, 2017.

    Jul 24, 2014
  39. 2014-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2014

    PulteGroup, Inc. (PHM) reported first-quarter 2014 net income of $74.8 million, or $0.19 per diluted share, compared with $81.8 million, or $0.21 per diluted share, in the first quarter of 2013. Total revenues were $1.12 billion versus $1.16 billion a year earlier. Homebuilding income before income taxes rose to $108.4 million from $68.0 million, driven by higher gross margins: home sale gross margin was 23.8%, up 580 bps from 18.0%, and average selling price rose 10% to $317 thousand. Home sale revenues fell 1% to $1.09 billion as closings declined 10% to 3,436 units, reflecting 10% fewer active communities (584 at March 31, 2014). Net new orders declined 6% to 4,863 units, and backlog fell 8% in units to 7,199 while being roughly flat in dollars at $2.42 billion. Financial Services income increased 51% to $21.6 million, helped by an $18.6 million reduction in loan origination liabilities, though Financial Services revenues fell 32% to $24.9 million on lower origination volume and competition. Operating cash flow was $91.4 million, compared with $270.6 million a year earlier. The company retired $245.7 million of senior notes early, recording an $8.6 million loss, and repurchased 2.2 million shares for $44.6 million while paying a $0.05 per share dividend. Cash and equivalents were $1.27 billion at quarter-end, against senior notes of $1.81 billion, and the debt-to-total-capitalization ratio excluding Financial Services borrowings was 28.0%. Management stated that the company is continuing to pursue disciplined land investment and expects moderating net new order volume in the short term. The filing notes that increased mortgage competition is expected to persist and that the company has $1.6 billion in remaining purchase price under land option agreements.

    Apr 24, 2014
  40. 2013-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2013

    PulteGroup, Inc. (PHM) reported a sharply higher third quarter and nine-month 2013 as homebuilding revenues and margins improved. Total revenues were $1.58 billion for the quarter versus $1.30 billion a year earlier, and $4.02 billion for the nine months versus $3.25 billion. Net income was $2.28 billion for the quarter, driven by a $2.1 billion income tax benefit from reversing substantially all of the valuation allowance on deferred tax assets, compared with $116.6 million a year earlier. Pretax income was $174.7 million for the quarter versus $105.9 million, and home sale gross margin rose to 20.9% from 17.0%. Closings increased 9% in the quarter and average selling price rose 11%. The balance sheet strengthened over the period. Shareholders' equity rose to $4.49 billion from $2.19 billion at year-end 2012, senior notes fell to $2.06 billion from $2.51 billion after early retirements of $461.4 million in the nine months, and unrestricted cash was $1.35 billion. Net cash from operations was $555.0 million for the nine months. The company reinstated a quarterly dividend of $0.05 per share in July 2013 and repurchased 5.3 million shares for $83.0 million in the quarter. Net new orders declined 17% in units for the quarter as active communities fell 15%, which management attributed to disciplined land investment and a moderate rise in interest rates. The filing also notes a $1.4 billion remaining land option purchase price, a $38.0 million charge for a contractual dispute over a previously completed luxury community in the nine months, and planned corporate office relocation costs to Atlanta, with the remaining valuation allowance of $231.0 million expected to reverse in the fourth quarter of 2013.

    Oct 24, 2013
  41. 2013-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2013

    PulteGroup, Inc. (NYSE: PHM) reported a quarter with improved operating performance. For the three months ended June 30, 2013, net income was $36.4 million ($0.09 diluted per share), compared with $42.4 million in the prior-year quarter. For the six months, net income rose to $118.2 million ($0.30 diluted per share) from $30.8 million ($0.08 per share). Total revenues were $1.28 billion for the quarter versus $1.07 billion a year earlier, and $2.44 billion for the six months versus $1.95 billion. Home sale revenues increased 19% in the quarter and 26% for the six months, driven by higher average selling prices and closings. Home sale gross margin reached 18.8% for the quarter compared with 15.1% a year earlier. The quarter included several charges: a $23.1 million loss on debt retirements, $13.5 million of costs tied to the relocation of corporate offices to Atlanta, and a $30.0 million charge from a contractual dispute over a previously completed luxury community. The company retired $434.4 million of senior notes early, which reduced senior notes to $2.08 billion from $2.51 billion at December 31, 2012. Shareholders' equity increased to $2.33 billion from $2.19 billion, and cash and equivalents were $1.21 billion at June 30, 2013. Net cash provided by operating activities was $335.1 million for the six months. On July 24, 2013, the company declared its first quarterly cash dividend since November 2008, set at $0.05 per common share, and increased its share repurchase authorization by $250.0 million to a total available amount of $352.3 million. Net new orders fell 12% in the quarter on 16% fewer active communities, while backlog units rose 13% year over year. The company stated that its deferred tax assets of $2.5 billion remain fully reserved, and that it could reverse a large portion of the valuation allowance during the second half of 2013 if current trends continue.

    Jul 25, 2013
  42. 2013-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2013

    PulteGroup, Inc. (PHM) reported first-quarter 2013 net income of $81.8 million, or $0.21 per diluted share, compared with a net loss of $11.7 million, or $0.03 per share, in the first quarter of 2012. Total revenues rose to $1.16 billion from $881.0 million. Homebuilding home sale revenues increased 35% to $1.10 billion, driven by a 23% increase in closings to 3,833 units and a 10% increase in average selling price to $287 thousand. Home sale gross margin improved to 18.0% from 12.5%, and adjusted home sale gross margin rose to 22.9% from 18.7%. Net new orders rose 4% in units and 18% in dollars, and backlog dollars ended the quarter 52% higher at $2.41 billion. Cash flow from operations was $270.6 million, compared with $114.7 million a year earlier, helped by a $99.8 million decrease in inventories. Cash and equivalents totaled $1.59 billion at March 31, 2013, against senior notes of $2.51 billion. The company's debt to total capitalization, excluding Financial Services borrowings, was 52.5%, which the filing says remains above its desired targets. On April 24, 2013, the company announced it will redeem the remaining $398.9 million of 2014 senior notes, which it expects to produce an approximately $18.0 million loss on debt retirement in the second quarter. The company remains in a significant three-year cumulative pre-tax loss position and carries a full valuation allowance against its $2.4 billion of net deferred tax assets. Management indicated that, if current trends continue, there could be sufficient positive evidence to release a large portion of that allowance during the second half of 2013. Loan origination liabilities stood at $162.5 million, and warranty and self-insured reserves were $63.2 million and $717.0 million, respectively.

    Apr 25, 2013
  43. 2012-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2012

    PulteGroup, Inc. (NYSE: PHM) reported a return to profitability in its third quarter of 2012 and the first nine months of 2012. Net income for the three months ended September 30, 2012 was $116.6 million ($0.30 diluted per share), compared with a net loss of $129.3 million in the prior-year quarter. For the nine months, net income was $147.4 million ($0.38 diluted per share), versus a net loss of $224.2 million a year earlier. The prior-year periods included goodwill impairments of $240.5 million. Home sale revenues rose 12% to $1.23 billion in the quarter, driven by a 6% increase in average selling price and a 5% increase in closings. Home sale gross margin improved to 17.0% for the quarter and 15.2% for the nine months, and net new orders rose 27% in the quarter, with backlog units up 49% year over year. Balance sheet and liquidity: At September 30, 2012, unrestricted cash and equivalents were $1.56 billion (filing text cites $1.6 billion), against senior notes of $3.0 billion. Shareholders' equity increased to $2.12 billion from $1.94 billion at year-end 2011. The ratio of debt to total capitalization, excluding Financial Services borrowings, was 58.6%, or 39.0% net of cash. The company stated these ratios remain above its targets and it is pursuing leverage reduction. Operating cash flow was $421.2 million for the nine months, compared with a use of $160.0 million in the prior year. In October 2012 the company announced a tender offer of up to $1.0 billion of senior notes, which it expects to complete in November 2012 and on which it expects to record a fourth-quarter loss. Outlook and risks: Management said it expects to be profitable for the full year 2012 and remains optimistic about demand into 2013, while noting that the timing of a broad recovery is uncertain. The company holds net deferred tax assets of $2.5 billion against which it maintains a full valuation allowance, and it stated that it could reduce a large portion of that allowance during 2013 if profitability continues. Financial Services income before taxes rose to $49.6 million for the nine months from a loss of $7.0 million a year earlier, and the company's Pulte Mortgage entered a $150.0 million repurchase agreement with $103.0 million outstanding at quarter end.

    Oct 25, 2012
  44. 2012-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2012

    PulteGroup, Inc. (PHM) reported net income of $42.4 million, or $0.11 per diluted share, for the second quarter ended June 30, 2012, compared with a net loss of $55.4 million, or $(0.15) per share, in the prior-year quarter. Total revenues rose to $1.07 billion from $927.2 million, driven by Homebuilding home sale revenues of $1.02 billion, up 14%, with an average selling price of $268 thousand, up 8%, and 3,816 closings, up 5%. Homebuilding income before income taxes was $23.9 million versus a loss of $36.7 million a year earlier, and Financial Services income before income taxes was $16.0 million versus a loss of $16.6 million. Home sale gross margin improved to 15.1% from 12.2%, and adjusted home sale gross margin reached 20.3% versus 17.1%. Demand improved over the period. Net new orders rose 32% to 5,578 units, the cancellation rate fell to 14% from 19%, and backlog at June 30 was 7,560 units, up 31%. Active communities declined 7% to 744, and unsold (spec) homes in production fell 45% from December 31, 2011. Management said it expects 2012 profitability to be heavily weighted toward the second half, but described the timing of a sustainable industry recovery as uncertain. The balance sheet shows cash and equivalents of $1.31 billion against senior notes of $3.09 billion, and the debt-to-total-capitalization ratio was 61.0% (46.2% net of cash and equivalents, including restricted cash). Shareholders' equity was $1.98 billion. The company recorded $7.3 million of land and community valuation adjustments for the six months and continues to carry a full valuation allowance against net deferred tax assets of $2.5 billion. Mortgage-related loan origination liabilities stood at $120.7 million, and the filing notes that future losses could exceed current estimates.

    Jul 26, 2012
  45. 2012-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2012

    PulteGroup, Inc. (PHM) reported a net loss of $11.7 million, or $0.03 per diluted share, for the three months ended March 31, 2012, compared with a net loss of $39.5 million, or $0.10 per share, in the prior-year quarter. Total revenues were $881.0 million, up from $805.2 million. Homebuilding home sale revenues were $813.8 million, and the filing states that net new orders rose 15% on 6% fewer active communities. Loss before income taxes improved to $13.5 million from $45.4 million, with Homebuilding loss narrowing to $20.4 million and Financial Services income rising to $6.9 million from $1.0 million. Homebuilding profitability improved on higher revenues, overhead leverage and lower SG&A, which fell 13% to $123.3 million. Home sale gross margin was flat at 12.5%, though adjusted home sale gross margin improved to 18.7% from 16.9%. Land-related charges rose to $5.9 million from $0.7 million. Management said it remains cautiously optimistic for 2012 and expects profitability to be heavily weighted toward the second half of the year. Balance sheet and liquidity remained substantial. Cash and equivalents were $1.21 billion and senior notes were $3.09 billion at March 31, 2012. Operating cash flow was $114.7 million, versus a use of $49.6 million a year earlier. The debt-to-total-capitalization ratio was 61.6%, which the company states remains above its target. The filing also shows net deferred tax assets of $2.5 billion, fully reserved by a valuation allowance, and warranty and general liability reserves of $64.4 million and $740.0 million, respectively.

    Apr 26, 2012
  46. 2011-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2011

    PulteGroup, Inc. (PHM) reported a net loss of $129.3 million, or $0.34 per share, for the third quarter of 2011, compared with a net loss of $995.1 million, or $2.63 per share, in the third quarter of 2010. For the nine months ended September 30, 2011, the net loss was $224.2 million, or $0.59 per share, versus $931.3 million, or $2.46 per share, a year earlier. Results were driven by a goodwill impairment of $240.5 million in the third quarter of 2011, compared with $654.9 million in the prior-year quarter. Home sale revenues rose 7% to $1.10 billion in the third quarter, while nine-month home sale revenues fell 15% to $2.78 billion on a 14% decline in unit settlements. Homebuilding gross margin from home sales improved to 13.9% in the quarter from 7.0% a year earlier. SG&A declined sharply, to $121.6 million in the third quarter from $425.6 million, largely because the prior-year period included $272.2 million of insurance reserve adjustments. Net new orders were essentially flat year over year at 3,564 units in the quarter, and backlog stood at 5,143 units worth $1.4 billion at September 30, 2011. The company ended the quarter with $1.14 billion of cash and equivalents and $3.34 billion of senior notes carrying value. Shareholders' equity declined to $1.92 billion from $2.14 billion at year-end 2010. Management described its outlook as cautious for the remainder of 2011 and into 2012, and stated that it does not anticipate a broad near-term recovery in homebuilding.

    Oct 28, 2011
  47. 2011-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2011

    PulteGroup, Inc. (NYSE: PHM) reported a net loss of $55.4 million, or $(0.15) per diluted share, for the three months ended June 30, 2011, compared with net income of $76.3 million, or $0.20 per share, a year earlier. For the six months ended June 30, 2011, the net loss was $94.9 million, or $(0.25) per share, versus net income of $63.8 million, or $0.17 per share, in the prior-year period. Total revenues fell to $927.2 million for the quarter from $1.31 billion, driven mainly by lower home sale revenues of $899.8 million (from $1.26 billion) on unit settlements of 3,633 (from 5,030). The filing attributes the decline partly to the expiration of the federal homebuyer tax credit that supported 2010 volumes, along with a lower active community count of 797 at June 30, 2011. Homebuilding gross margin from home sales was 12.2% for the quarter versus 12.6% a year earlier, and land and community valuation adjustments dropped to $3.3 million from $25.5 million. Financial Services posted a pre-tax loss of $16.6 million for the quarter, largely due to $19.3 million of provisions for loan repurchase liabilities. Management stated it is not anticipating a broad recovery in homebuilding during 2011, and that it expects improved gross margins, higher volumes and greater overhead leverage to lead to profitability in the second half of 2011, while visibility on earnings remains limited. Liquidity is a focus area: cash and equivalents were $1.08 billion at June 30, 2011, down from $1.47 billion at year-end 2010, and net cash used in operating activities was $220.2 million for the six months. Senior notes outstanding were $3.33 billion carrying value. The company terminated its $250.0 million revolving credit facility in March 2011, replacing it with cash-collateralized letter of credit agreements, and repurchased $53.0 million of senior notes before maturity during the second quarter, recording a $3.5 million loss.

    Aug 1, 2011
  48. 2011-Q1

    Pultegroup Quarterly Report for Q1 Ended Mar 31, 2011

    PulteGroup, Inc. (NYSE: PHM) reported a net loss of $39.5 million, or $0.10 per diluted share, for the three months ended March 31, 2011, compared with a net loss of $12.5 million, or $0.03 per share, in the prior-year quarter. Total revenues were $805.2 million, down from $1.02 billion. Home sale revenues fell to $782.5 million from $976.8 million, driven by a 17% decrease in unit settlements (3,141 units versus 3,795) and a 3% decrease in average selling price to $249 thousand. Homebuilding gross margin on home sales was 12.5%, compared with 13.0% a year earlier, and SG&A as a percentage of home sale revenues rose to 17.4% from 15.4%. Land and community valuation adjustments dropped sharply to $0.1 million from $4.5 million. Net new orders were 4,345 units, up 1% from 4,320, and backlog declined to 5,188 units ($1.37 billion) from 6,456 units ($1.69 billion). Management stated it is not anticipating a broad homebuilding recovery in 2011 but expects improved gross margins, higher volumes and overhead leverage to lead to profitability in the second half of 2011, while noting that visibility on future earnings is limited. At March 31, 2011, the company held $1.29 billion of cash and equivalents and $3.38 billion of senior notes carrying value. Operating cash flow was negative $159.0 million, compared with positive $677.6 million a year earlier, which the company attributed to the net loss, $109.7 million of new restricted cash for letter of credit facilities, and internal funding of Pulte Mortgage's lending. The company voluntarily terminated its $250.0 million revolving credit facility effective March 30, 2011, and entered into cash-collateralized letter of credit agreements instead. Net deferred tax assets of $2.6 billion remain fully offset by valuation allowances.

    Apr 28, 2011
  49. 2010-Q3

    Pultegroup Quarterly Report for Q3 Ended Sep 30, 2010

    PulteGroup, Inc. (filed under this name; Pulte Homes, Inc. changed its name to PulteGroup, Inc. on March 18, 2010) reported a net loss of $995.1 million, or $(2.63) per share, for the three months ended September 30, 2010, compared with a net loss of $361.4 million, or $(1.15) per share, a year earlier. For the nine months ended September 30, 2010, the net loss was $931.3 million, or $(2.46) per share, versus $1.07 billion, or $(3.88) per share, in the prior-year period. The quarterly loss was driven mainly by a $654.9 million goodwill impairment and $272.2 million of additional insurance claim expense, which the company attributes to a greater than anticipated frequency of newly reported claims on homes closed in prior periods. Home sale revenues for the nine months rose to $3.26 billion from $2.27 billion, reflecting the Centex merger completed August 18, 2009, while third-quarter home sale revenues were $1.02 billion versus $1.05 billion a year earlier. Homebuilding gross profit margins improved to 7.0% in the third quarter from negative 2.5% a year earlier, and land-related charges fell sharply year to date ($87.5 million versus $600.4 million in home cost of revenues). Management describes the housing market as showing early signs of stabilization in some local markets, but states that significant short-term uncertainty remains and that visibility into future earnings is limited. Liquidity remained strong: cash and equivalents were $2.62 billion at September 30, 2010, against $4.29 billion of senior notes. The company received federal income tax refunds of $881.6 million in the nine months, and net cash from operating activities was $798.6 million. Shareholders' equity fell to $2.30 billion from $3.19 billion at year-end 2009, and the company stated it was operating under the Credit Facility's borrowing base limitation and had no borrowings outstanding under it.

    Nov 5, 2010
  50. 2010-Q2

    Pultegroup Quarterly Report for Q2 Ended Jun 30, 2010

    PulteGroup, Inc. reported net income of $76.3 million for the quarter ended June 30, 2010, compared with a net loss of $189.5 million in the prior-year quarter, and net income of $63.8 million for the six months ended June 30, 2010, compared with a net loss of $704.3 million for the same period in 2009. Homebuilding returned to profitability, with income before income taxes of $11.8 million for the quarter, and the company attributed this mainly to higher revenues from the Centex merger and the federal homebuyer tax credit, improved gross margins, significantly lower land-related charges ($27.7 million in the quarter versus $119.3 million a year earlier), and better overhead leverage. Home sale revenues rose to $1.26 billion for the quarter from $653.7 million, and net new order units rose 25% to 4,218, though the company stated that excluding Centex, net new orders decreased significantly. The balance sheet remained liquid, with cash and equivalents of $2.75 billion at June 30, 2010, against $4.28 billion of senior notes. The company received federal income tax refunds of $881.6 million during the first half of 2010, which reduced income taxes receivable to $86.6 million from $955.2 million at year-end 2009. Management cautioned that visibility on future earnings is limited, that the expiration of the federal homebuyer tax credit has created uncertainty about second-half orders, and that further land-related charges could be significant if market conditions worsen. The company also noted it was operating under a borrowing base limitation on its credit facility and was in compliance with its covenants at June 30, 2010. The company's goodwill balance was $895.5 million at June 30, 2010, of which $543.9 million relates to reporting units at increased risk of future impairment. Its shareholders' equity increased to $3.28 billion from $3.19 billion at December 31, 2009.

    Aug 5, 2010