Pultegroup 8-K Report, Financial Results (Oct 22, 2024)

PulteGroup, Inc. (NYSE: PHM) reported third quarter 2024 results in an earnings press release furnished as Exhibit 99.1 to this Form 8-K, filed October 22, 2024.

Net income was $698 million^a, or $3.35 per diluted share, compared with $639 million, or $2.90 per share, in the prior-year quarter. Home sale revenues rose 12% to $4.3 billion on a 12% increase in closings to 7,924 homes. The reported home sale gross margin was 28.8%, down from 29.5% a year earlier, and homebuilding SG&A was $407 million, or 9.4% of home sale revenues, versus $353 million, or 9.1%, in the prior year.

Net new orders were 7,031 homes, consistent with 7,065 a year earlier, with a value of $3.9 billion^b, and backlog stood at 12,089 homes valued at $7.7 billion at quarter end. The company repurchased $320 million of common shares in the quarter and $880 million year to date, and ended the quarter with $1.5 billion of cash and a debt-to-capital ratio of 12.3%, down from 15.9% at December 31, 2023. Notes payable fell to $1.62 billion from $1.96 billion.

Management stated that, given strong third-quarter and nine-month results, the company is well positioned to deliver a record year of earnings, and cited the Federal Reserve's shift toward lowering interest rates as supportive of home affordability. The release also reports a return on equity of 27%^c for the trailing twelve months, calculated as net income over average shareholders' equity. The filing is a earnings-release furnishing under Item 2.02, and the information is not deemed filed for purposes of Section 18 of the Exchange Act.