Pulte Group (PHM) Misses Q1 EPS by 1c

Pulte Group (NYSE: PHM) reported Q1 EPS of $0.19, $0.01 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $1.09 billion versus the consensus estimate of $1.18 billion.

Home sale revenues for the first quarter were $1.1 billion, which was comparable with last year. Revenues for the quarter reflect a 10%, or $30,000, increase in average selling price to $317,000, offset by a 10% decrease in closings to 3,436 homes. The higher average selling price was the result of price increases in each of our entry level, move-up and active adult demographics.

The Company's home sale gross margin for the quarter was 23.8%, which is an increase of 580 basis points over the prior year and 60 basis points over the fourth quarter of 2013. Homebuilding SG&A expense for the period was $144 million, or 13.3% of home sale revenues. SG&A expense for the first quarter of 2013 was $129 million, or 11.8% of home sale revenues.

For the quarter, the Company reported 4,863 net new orders, a decrease of 6% from prior year. The dollar value of new orders was $1.6 billion, which is up 2% from the prior year. For the quarter, the Company operated out of 584 communities which is a decrease of 10% from the first quarter last year.

PulteGroup's backlog at quarter end totaled 7,199 homes valued at $2.4 billion, compared with prior year backlog of 7,825 homes valued at $2.4 billion. The average selling price in the Company's current backlog increased 9%, or $28,000, over the prior year to $336,000.

For earnings history and earnings-related data on Pulte Group (PHM) click here.

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• SLM (SLM) Tops Q1 EPS by 20c; offers guidance
• WM (WM) Tops Q1 EPS by 25c