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Stock impact report

PulteGroup misses Q1 estimates as margins come under pressure [Yahoo! Finance]

PulteGroup, Inc. (PHM) 
Last pultegroup, inc. earnings: 4/23 06:30 am Check Earnings Report
Company Research Source: Yahoo! Finance
the homebuilder faced margin pressure driven by higher incentives in a challenging housing market. The company posted earnings of $1.79 per share, below the consensus estimate of $1.82. Revenue came in at $3.3 billion, missing forecasts of $3.39 billion and declining 12% from $3.7 billion a year earlier. Shares were little changed in premarket trading, rising 0.04% following the release. Lower pricing and incentives weigh on profitability PulteGroup closed 6,102 homes during the quarter, down 7% year-on-year, with the average selling price falling 5% to $542,000. Home sale gross margin narrowed to 24.4%, compared with 27.5% in the same period last year, reflecting increased incentives aimed at reducing excess speculative inventory in a competitive market. Selling, general, and administrative expenses totaled $380 million, or 11.5% of home sale revenue, up from 10.5% a year earlier. Orders and backlog show resilience Despite the softer top-line performance, net new orde Show less Read more
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