Tue, Oct 22, 8:20 PM (258 days ago)
PulteGroup, Inc. (PHM) reported strong financial performance for Q3 2024, with revenues reaching $4,476,342, a 12% increase from Q3 2023. Home sale revenues rose to $4,343,227, driven by a 12% increase in closings, reflecting effective inventory management and production cycle improvements. Net income for the quarter was $697,914, translating to diluted earnings per share of $3.35, up from $2.90 in the prior year. The company maintained a healthy gross margin of 28.8%, despite rising costs and competitive pressures. Cash flow from operations was robust at $1.1 billion, although cash reserves declined to $1,455,136 due to significant investments in inventory and share repurchases. PulteGroup declared cash dividends totaling $126.2 million and repurchased $880 million in shares year-to-date. Looking forward, PulteGroup remains cautious amid ongoing economic uncertainties, focusing on liquidity and managing construction costs while capitalizing on strong housing demand. The company’s debt-to-capitalization ratio improved to 12.3%, indicating a solid financial position to navigate future challenges.