PulteGroup Q4 Earnings Rise Helped By Revenue Growth, Beats View

(RTTNews) - Homebuilding company PulteGroup, Inc. (PHM), based in Atlanta, Georgia, on Tuesday declared higher net income for the quarter ended December 2022 on a surge in revenues. Both earnings and revenues topped estimates.

Net income for the period increased 48 percent to $882.23 million or $3.85 per share as compared to $663.26 million or $2.61 per share, in the comparable prior period.

Adjusted net income for the period increased 45 percent to $832 million or $3.63 per share as compared to $637 million or $2.51 per share in the comparable prior period.15 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.93 per share. Analysts typically exclude one-time items.

Revenues increased 20% to $5.17 billion, from $4.36 billion in the year-ago quarter. Higher revenues for the quarter were driven by a 3% increase in closings to 8,848 homes, in combination with a 17% increase in average sales price to $571,000.

8 analysts polled by Thomson Reuters were expecting the company to report revenues of $4.59 billion.

Shares of PulteGroup are currently trading in pre-market at $51.99, down $0.63 or 1.20 percent from the previous close.