Tue, Jul 23, 8:10 PM (46 days ago)
PulteGroup, Inc.'s Form 10-Q for the quarter ended June 30, 2024, reveals a solid financial performance with total revenues of $4.6 billion, a 10% increase from the prior year. Home sale revenues rose 10% due to an 8% increase in closings and a 2% rise in average selling prices. Net income reached $809 million, up from $720 million in the previous year, driven by strong demand and effective cost management. The company maintained a gross margin of 29.9% and an SG&A ratio of 8.1%. Despite a slight dip in net new orders by 4%, the backlog value remains robust at $8.1 billion. Cash flow from operations was $657 million, with significant investments in land and inventory. The company repurchased $560 million in shares and declared $84.7 million in dividends. Future risks include interest rate fluctuations and potential market volatility.