- PulteGroup Inc (NYSE:PHM) reported first-quarter FY22 total revenue growth of 16.8% year-over-year to $3.19 billion, beating the consensus of $3.07 billion.
- Home sale revenues $3.1 billion (+18%) and Financial Services revenue $84.14 million (-20.7% Y/Y).
- Home sales revenues were driven by an 18% Y/Y increase in average sales price to $508,000, as closings of 6,039 homes were consistent with the prior year,
- Adjusted EPS improved to $1.83 from $1.28 in 1Q21, beating the consensus of $1.71.
- Home sale gross margin expanded 350 bps to 29%. Adjusted operating margin expanded by 360 bps to 18.2%.
- Net new orders decreased 19% Y/Y to 7,971 homes, reflecting a 7% reduction in community count. The value of net new orders increased 2% Y/Y to $4.7 billion.
- PulteGroup had a contract backlog of 19,935 sold homes valued at $11.5 billion.
- PulteGroup generated cash from operating activities of $207.67 million, compared to $176.75 million a year ago.
- PHM ended Q1 with $1.2 billion of cash. It repurchased 10.3 million common shares for $500 million, or an average price of $48.59 per share. The debt-to-capital ratio was 21.5% at quarter-end.
- Price Action: PHM shares are trading higher by 4.90% at $43.69 on the last check Thursday.
