ATLANTA, July 21, 2016 /PRNewswire/ -- PulteGroup,
Inc. (NYSE: PHM) announced today financial results for its second
quarter ended June 30, 2016.
For the quarter, the Company's reported net income of $118 million, or $0.34 per share, included pretax charges of
$15 million, or $0.03 per share, associated with the termination
of certain pending land transactions and recognition of final costs
associated with its corporate relocation. Prior year net
income of $103 million, or
$0.28 per share, included a pretax
benefit of $27 million, or
$0.05 per share, resulting from a
legal settlement realized in the period.
"Building on our strong Q1 results, PulteGroup posted another
quarter of significant year-over-year growth in signups, closings,
revenues and earnings," said Richard J.
Dugas, Jr., Chairman and Chief Executive Officer of
PulteGroup. "Equally important, given the 21% increase in our
backlog value to $3.7 billion, we
believe the Company is well positioned to deliver outstanding full
year performance in 2016."
"We remain optimistic about the direction of the overall housing
market and expect that current economic conditions, continued job
formations and low interest rates can support slow and steady
growth in housing demand for the next several years. Against
this backdrop, we believe that our prior period land investments
position us well for continued strong earnings growth."
Second Quarter Results
Home sale revenues for the second quarter increased 41% over the
prior year to $1.8 billion.
Higher revenues for the period were driven by a 27% increase in
deliveries to 4,772 homes, combined with an 11% increase in average
selling price to $367,000.
The Company's second quarter home sale gross margin was 21.5%,
which is in line with Company guidance. Margins for the
quarter were reduced by approximately 70 basis points as a result
of closings associated with the Company's purchase of substantially
all of the assets of John Wieland
Homes and Communities in January 2016.
Homebuilding SG&A expense for the quarter was $192 million, or 11.0% of home sale
revenues. Prior year SG&A of $130
million, or 10.5% of home sale revenues, included a benefit
of $27 million relating to a legal
settlement realized in the period.
The value of net new orders in the second quarter increased 21%
to $2.1 billion. On a unit
basis, net new orders for the period increased 11% to 5,697
homes. The Company operated out of 700 communities in the
quarter, an increase of 11% from the second quarter of 2015.
Backlog value increased 21% over the prior year to $3.7 billion, while the number of homes in
backlog increased 8% to 9,679 homes. The average price of
homes in backlog was $387,000, which
is up 13% over last year and up 5% from the average selling price
of homes delivered in the current quarter.
The Company's financial services operations reported second
quarter pretax income of $17 million
compared with $10 million in
2015. Higher pretax income for the period was the result of
higher closing volumes in the Company's homebuilding operations and
a favorable interest rate environment. Mortgage capture rate
for the quarter was 81%, compared with 83% in the prior year.
During the quarter, PulteGroup repurchased 2.6 million common
shares for $48 million, or an average
price of $18.53 per share. The
Company also used available cash to retire $465 million of bonds which matured during the
second quarter.
PulteGroup announced today that its Board approved increasing
its existing share repurchase authorization by $1.0 billion, bringing the total authorization to
$1.5 billion. At the end of the
second quarter, the Company had $507
million available under the existing repurchase
authorization. The Company expects that share repurchases
will be made from time to time in the open market, through
privately negotiated transactions or otherwise subject to market
conditions, applicable legal requirements, and other relevant
factors.
Company Announces Next Phase of Value Creation
The Company also announced the next phase of its Value Creation
strategy, with plans to drive greater overhead leverage, moderate
the growth of future land investment, and increase share repurchase
activities consistent with stated capital allocation
priorities. These actions build on the highly successful
initiatives it launched in 2011 in support of efforts to deliver
higher returns on invested capital. As part of its Value
Creation strategy, the Company established its capital allocation
priorities which include investing in high returning projects,
while routinely returning funds to shareholders through dividends
and systematic share repurchases. Since launching Value
Creation, the Company has seen its gross margins, its operating
margins, and its returns increase to be among the industry leaders,
and it has returned over $1.2 billion
to shareholders through dividends and share buy backs.
"Through our Value Creation strategy, PulteGroup has realized
tremendous gains in its operating and financial performance, which
is what ultimately drives returns for our shareholders," said Mr.
Dugas. "After our initial focus on improving our operating
and balance sheet metrics, we transitioned to increasing investment
into the business in support of profitable growth. Increased
land investment over the past 24 to 36 months is resulting in
substantial growth in 2016 volumes, revenues and profitability, and
we believe has the Company well positioned for continued earnings
growth over the next few years."
"As we now look ahead and begin planning for the next successful
phase of Value Creation, we are implementing the following
actions:
- We plan to slow the rate of growth in our land spend going
forward, and use expected strong cash flows from operations to help
fund the repurchase of $1.5 billion
of our shares over the next six quarters;
- We are taking actions to lower our SG&A spend from an
expected 10% of home sale revenues in 2016 to a targeted rate of 9%
or less of 2017 home sale revenues;
- Our Board of Directors has approved a $1.0 billion increase in the Company's share
repurchase authorization raising our total authorization to
$1.5 billion. The Company plans to
repurchase $250 million of its shares
in each of the third and fourth quarters of 2016 and $1.0 billion of its shares in 2017;
- And, as announced in a separate release, we have added three
new directors: John Peshkin, who has
over 30 years of direct homebuilding experience including having
served as CEO of Taylor Woodrow
Homes and on the Boards of Standard Pacific Homes and WCI
Communities; Joshua Gotbaum, who has
served in a number of senior private and public sector roles; and
Scott Powers, who has over 30 years
of experience in financial asset management and most recently
served as president and CEO of State Street Global Advisors."
Elliott Management Comments on Company Actions
"We appreciate PulteGroup's ongoing efforts to run a more
efficient homebuilding business and toward building long-term
shareholder value," said Dave
Miller, Senior Portfolio Manager at Elliott
Management. "The addition of these proven executives to the
Board, along with PulteGroup's continued focus on improving
operations, unlocking the value of its asset base and accretive
capital return will drive significant value for shareholders."
The Company and affiliates of Elliott Management, which recently
acquired 4.7% of PulteGroup shares, have entered into an agreement
that provides, among other things, that Elliott will support the
Company's slate of director nominees at the Company's 2017 Annual
Meeting of Shareholders.
Company Updates CEO search
PulteGroup announced that newly named Board members John Peshkin and Josh
Gotbaum will be added to the Company's previously
established CEO search committee. "We look forward to having
the perspectives of two experienced senior leaders such as John and
Josh added to the committee," stated Patrick J. O'Leary, PulteGroup director and
search committee leader. "Our committee is making good
progress and we look forward to completing our evaluation of
internal and external candidates."
A conference call discussing PulteGroup's second quarter 2016
results is scheduled for Thursday, July 21,
2016, at 8:30 a.m. Eastern
Time. Interested investors can access the live webcast
via PulteGroup's corporate website at www.pultegroupinc.com.
Forward-Looking Statements
This press release includes "forward-looking statements."
These statements are subject to a number of risks, uncertainties
and other factors that could cause our actual results, performance,
prospects or opportunities, as well as those of the markets we
serve or intend to serve, to differ materially from those expressed
in, or implied by, these statements. You can identify these
statements by the fact that they do not relate to matters of a
strictly factual or historical nature and generally discuss or
relate to forecasts, estimates or other expectations regarding
future events. Generally, the words "believe," "expect,"
"intend," "estimate," "anticipate," "project," "may," "can,"
"could," "might," "will" and similar expressions identify
forward-looking statements, including statements related to
expected operating and performing results, planned transactions,
planned objectives of management, future developments or conditions
in the industries in which we participate and other trends,
developments and uncertainties that may affect our business in the
future.
Such risks, uncertainties and other factors include, among other
things: interest rate changes and the availability of mortgage
financing; continued volatility in the debt and equity markets;
competition within the industries in which PulteGroup operates; the
availability and cost of land and other raw materials used by
PulteGroup in its homebuilding operations; the impact of any
changes to our strategy in responding to the cyclical nature of the
industry, including any changes regarding our land positions and
the rate of growth in land spend; the availability and cost of
insurance covering risks associated with PulteGroup's businesses;
shortages and the cost of labor; weather related slowdowns; slow
growth initiatives and/or local building moratoria; governmental
regulation directed at or affecting the housing market, the
homebuilding industry or construction activities; uncertainty in
the mortgage lending industry, including revisions to underwriting
standards and repurchase requirements associated with the sale of
mortgage loans; the interpretation of or changes to tax, labor and
environmental laws; economic changes nationally or in PulteGroup's
local markets, including inflation, deflation, changes in consumer
confidence and preferences and the state of the market for homes in
general; legal or regulatory proceedings or claims; our ability to
generate sufficient cash flow in order to successfully implement
our capital allocation priorities; required accounting changes;
terrorist acts and other acts of war; and other factors of
national, regional and global scale, including those of a
political, economic, business and competitive nature. See
PulteGroup's Annual Report on Form 10-K for the fiscal year ended
December 31, 2015, and other public
filings with the Securities and Exchange Commission (the "SEC") for
a further discussion of these and other risks and uncertainties
applicable to our businesses. PulteGroup undertakes no duty
to update any forward-looking statement, whether as a result of new
information, future events or changes in PulteGroup's
expectations.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America's largest
homebuilding companies with operations in approximately 50 markets
throughout the country. Through its brand portfolio that includes
Centex, Pulte Homes, Del Webb,
DiVosta Homes and John Wieland Homes
and Neighborhoods, the Company is one of the industry's most
versatile homebuilders able to meet the needs of multiple buyer
groups and respond to changing consumer demand. PulteGroup conducts
extensive research to provide homebuyers with innovative solutions
and consumer inspired homes and communities to make lives
better.
For more information about PulteGroup, Inc. and PulteGroup
brands, go to www.pultegroupinc.com; www.pulte.com; www.centex.com;
www.delwebb.com; www.divosta.com and www.jwhomes.com.
PulteGroup,
Inc.
Consolidated
Results of Operations
($000's omitted,
except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
Homebuilding
|
|
|
|
|
|
|
|
Home
sale revenues
|
$
|
1,751,882
|
|
|
$
|
1,243,077
|
|
|
$
|
3,146,125
|
|
|
$
|
2,331,235
|
|
Land
sale revenues
|
4,950
|
|
|
6,460
|
|
|
7,437
|
|
|
24,002
|
|
|
1,756,832
|
|
|
1,249,537
|
|
|
3,153,562
|
|
|
2,355,237
|
|
Financial
Services
|
43,082
|
|
|
30,754
|
|
|
78,930
|
|
|
58,352
|
|
Total
revenues
|
1,799,914
|
|
|
1,280,291
|
|
|
3,232,492
|
|
|
2,413,589
|
|
|
|
|
|
|
|
|
|
Homebuilding Cost
of Revenues:
|
|
|
|
|
|
|
|
Home sale cost of
revenues
|
1,374,509
|
|
|
953,280
|
|
|
2,463,838
|
|
|
1,794,425
|
|
Land sale cost of
revenues
|
4,403
|
|
|
5,312
|
|
|
6,430
|
|
|
18,691
|
|
|
1,378,912
|
|
|
958,592
|
|
|
2,470,268
|
|
|
1,813,116
|
|
Financial Services
expenses
|
26,180
|
|
|
20,767
|
|
|
52,298
|
|
|
43,308
|
|
Selling, general,
and administrative expenses
|
192,333
|
|
|
130,119
|
|
|
383,348
|
|
|
291,431
|
|
Other expense
(income), net
|
12,909
|
|
|
3,186
|
|
|
18,785
|
|
|
2,303
|
|
Income before
income taxes
|
189,580
|
|
|
167,627
|
|
|
307,793
|
|
|
263,431
|
|
Income tax
expense
|
71,820
|
|
|
64,303
|
|
|
106,733
|
|
|
105,136
|
|
Net
income
|
$
|
117,760
|
|
|
$
|
103,324
|
|
|
$
|
201,060
|
|
|
$
|
158,295
|
|
|
|
|
|
|
|
|
|
Per
share:
|
|
|
|
|
|
|
|
Basic
earnings
|
$
|
0.34
|
|
|
$
|
0.28
|
|
|
$
|
0.58
|
|
|
$
|
0.43
|
|
Diluted
earnings
|
$
|
0.34
|
|
|
$
|
0.28
|
|
|
$
|
0.57
|
|
|
$
|
0.43
|
|
Cash dividends
declared
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
$
|
0.18
|
|
|
$
|
0.16
|
|
|
|
|
|
|
|
|
|
Number of shares
used in calculation:
|
|
|
|
|
|
|
|
Basic
|
345,240
|
|
|
361,009
|
|
|
346,528
|
|
|
363,863
|
|
Effect of dilutive
securities
|
2,759
|
|
|
3,232
|
|
|
2,710
|
|
|
3,297
|
|
Diluted
|
347,999
|
|
|
364,241
|
|
|
349,238
|
|
|
367,160
|
|
PulteGroup,
Inc.
Condensed
Consolidated Balance Sheets
($000's
omitted)
(Unaudited)
|
|
June 30,
2016
|
|
December 31,
2015
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and
equivalents
|
$
|
229,187
|
|
|
$
|
754,161
|
|
Restricted
cash
|
26,484
|
|
|
21,274
|
|
House and land
inventory
|
6,629,464
|
|
|
5,450,058
|
|
Land held for
sale
|
85,781
|
|
|
81,492
|
|
Residential mortgage
loans available-for-sale
|
364,004
|
|
|
442,715
|
|
Investments in
unconsolidated entities
|
52,500
|
|
|
41,267
|
|
Other
assets
|
681,168
|
|
|
660,835
|
|
Intangible
assets
|
161,372
|
|
|
110,215
|
|
Deferred tax assets,
net
|
1,277,096
|
|
|
1,394,879
|
|
|
$
|
9,507,056
|
|
|
$
|
8,956,896
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
Accounts
payable
|
$
|
340,847
|
|
|
$
|
327,725
|
|
Customer
deposits
|
252,259
|
|
|
186,141
|
|
Accrued and other
liabilities
|
1,269,263
|
|
|
1,284,273
|
|
Income tax
liabilities
|
33,980
|
|
|
57,050
|
|
Financial Services
debt
|
189,557
|
|
|
267,877
|
|
Term loan
|
499,212
|
|
|
498,423
|
|
Senior
notes
|
2,103,821
|
|
|
1,576,082
|
|
|
4,688,939
|
|
|
4,197,571
|
|
Shareholders'
equity
|
4,818,117
|
|
|
4,759,325
|
|
|
$
|
9,507,056
|
|
|
$
|
8,956,896
|
|
PulteGroup,
Inc.
Consolidated
Statements of Cash Flows
($000's
omitted)
(Unaudited)
|
|
Six Months
Ended
|
|
June
30,
|
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
|
201,060
|
|
|
$
|
158,295
|
|
Adjustments to
reconcile net income to net cash from operating
activities:
|
|
|
|
Deferred income tax
expense
|
117,783
|
|
|
103,059
|
|
Depreciation and
amortization
|
26,705
|
|
|
21,853
|
|
Share-based
compensation expense
|
16,906
|
|
|
14,654
|
|
Other, net
|
9,790
|
|
|
9,319
|
|
Increase (decrease)
in cash due to:
|
|
|
|
Restricted
cash
|
(5,210)
|
|
|
(4,526)
|
|
Inventories
|
(810,417)
|
|
|
(485,676)
|
|
Residential mortgage
loans available-for-sale
|
78,460
|
|
|
70,123
|
|
Other
assets
|
(15,506)
|
|
|
(57,054)
|
|
Accounts payable,
accrued and other liabilities
|
55,113
|
|
|
(21,150)
|
|
Net cash provided by
(used in) operating activities
|
(325,316)
|
|
|
(191,103)
|
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(21,044)
|
|
|
(23,115)
|
|
Cash used for
business acquisition
|
(430,025)
|
|
|
—
|
|
Other investing
activities, net
|
(8,296)
|
|
|
14,650
|
|
Net cash used in
investing activities
|
(459,365)
|
|
|
(8,465)
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from debt
issuance
|
986,084
|
|
|
—
|
|
Repayments of
debt
|
(484,974)
|
|
|
(237,994)
|
|
Borrowings under
revolving credit facility
|
358,000
|
|
|
—
|
|
Repayments under
revolving credit facility
|
(358,000)
|
|
|
—
|
|
Financial Services
borrowings (repayments)
|
(78,320)
|
|
|
(20,970)
|
|
Stock option
exercises
|
742
|
|
|
7,222
|
|
Share
repurchases
|
(100,806)
|
|
|
(322,066)
|
|
Dividends
paid
|
(63,019)
|
|
|
(59,125)
|
|
Net cash provided by
(used in) financing activities
|
259,707
|
|
|
(632,933)
|
|
Net increase
(decrease) in cash and equivalents
|
(524,974)
|
|
|
(832,501)
|
|
Cash and equivalents
at beginning of period
|
754,161
|
|
|
1,292,862
|
|
Cash and equivalents
at end of period
|
$
|
229,187
|
|
|
$
|
460,361
|
|
|
|
|
|
Supplemental Cash
Flow Information:
|
|
|
|
Interest paid
(capitalized), net
|
$
|
(14,671)
|
|
|
$
|
(1,911)
|
|
Income taxes paid
(refunded), net
|
$
|
(5,457)
|
|
|
$
|
(1,685)
|
|
PulteGroup,
Inc.
Segment
Data
($000's
omitted)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
HOMEBUILDING:
|
|
|
|
|
|
|
|
Home sale
revenues
|
$
|
1,751,882
|
|
|
$
|
1,243,077
|
|
|
$
|
3,146,125
|
|
|
$
|
2,331,235
|
|
Land sale
revenues
|
4,950
|
|
|
6,460
|
|
|
7,437
|
|
|
24,002
|
|
Total Homebuilding
revenues
|
1,756,832
|
|
|
1,249,537
|
|
|
3,153,562
|
|
|
2,355,237
|
|
|
|
|
|
|
|
|
|
Home sale cost of
revenues
|
1,374,509
|
|
|
953,280
|
|
|
2,463,838
|
|
|
1,794,425
|
|
Land sale cost of
revenues
|
4,403
|
|
|
5,312
|
|
|
6,430
|
|
|
18,691
|
|
Selling, general, and
administrative expenses
|
192,333
|
|
|
130,119
|
|
|
383,348
|
|
|
291,431
|
|
Other expense
(income), net
|
13,041
|
|
|
3,186
|
|
|
18,967
|
|
|
2,303
|
|
Income before income
taxes
|
$
|
172,546
|
|
|
$
|
157,640
|
|
|
$
|
280,979
|
|
|
$
|
248,387
|
|
|
|
|
|
|
|
|
|
FINANCIAL
SERVICES:
|
|
|
|
|
|
|
|
Income before income
taxes
|
$
|
17,034
|
|
|
$
|
9,987
|
|
|
$
|
26,814
|
|
|
$
|
15,044
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
Income before income
taxes
|
$
|
189,580
|
|
|
$
|
167,627
|
|
|
$
|
307,793
|
|
|
$
|
263,431
|
|
PulteGroup,
Inc.
Segment Data,
continued
($000's
omitted)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Home sale
revenues
|
$
|
1,751,882
|
|
|
$
|
1,243,077
|
|
|
$
|
3,146,125
|
|
|
$
|
2,331,235
|
|
|
|
|
|
|
|
|
|
Closings -
units
|
|
|
|
|
|
|
|
Northeast
|
310
|
|
|
316
|
|
|
572
|
|
|
564
|
|
Southeast
(a)
|
1,025
|
|
|
772
|
|
|
1,851
|
|
|
1,384
|
|
Florida
|
767
|
|
|
597
|
|
|
1,512
|
|
|
1,198
|
|
Midwest
|
786
|
|
|
659
|
|
|
1,338
|
|
|
1,228
|
|
Texas
|
923
|
|
|
754
|
|
|
1,698
|
|
|
1,500
|
|
West
|
961
|
|
|
646
|
|
|
1,746
|
|
|
1,235
|
|
|
4,772
|
|
|
3,744
|
|
|
8,717
|
|
|
7,109
|
|
Average selling
price
|
$
|
367
|
|
|
$
|
332
|
|
|
$
|
361
|
|
|
$
|
328
|
|
|
|
|
|
|
|
|
|
Net new orders -
units
|
|
|
|
|
|
|
|
Northeast
|
352
|
|
|
443
|
|
|
730
|
|
|
880
|
|
Southeast
(a)
|
1,016
|
|
|
1,041
|
|
|
2,068
|
|
|
1,979
|
|
Florida
|
1,011
|
|
|
805
|
|
|
1,934
|
|
|
1,716
|
|
Midwest
|
1,059
|
|
|
830
|
|
|
2,053
|
|
|
1,593
|
|
Texas
|
1,036
|
|
|
993
|
|
|
2,157
|
|
|
2,110
|
|
West
|
1,223
|
|
|
1,006
|
|
|
2,407
|
|
|
1,979
|
|
|
5,697
|
|
|
5,118
|
|
|
11,349
|
|
|
10,257
|
|
Net new orders -
dollars (b)
|
$
|
2,142,024
|
|
|
$
|
1,766,848
|
|
|
$
|
4,255,995
|
|
|
$
|
3,475,238
|
|
|
|
|
|
|
|
|
|
Unit
backlog
|
|
|
|
|
|
|
|
Northeast
|
|
|
|
|
602
|
|
|
777
|
|
Southeast
(a)
|
|
|
|
|
1,679
|
|
|
1,563
|
|
Florida
|
|
|
|
|
1,696
|
|
|
1,520
|
|
Midwest
|
|
|
|
|
1,804
|
|
|
1,553
|
|
Texas
|
|
|
|
|
1,804
|
|
|
1,883
|
|
West
|
|
|
|
|
2,094
|
|
|
1,702
|
|
|
|
|
|
|
9,679
|
|
|
8,998
|
|
Dollars in
backlog
|
|
|
|
|
$
|
3,749,299
|
|
|
$
|
3,087,862
|
|
|
|
|
|
|
|
|
|
(a)
|
Southeast includes
the acquisition in January 2016 of substantially all of the assets
of JW Homes ("Wieland").
|
(b)
|
Net new orders
excludes backlog acquired from Wieland in January 2016. Net new
order dollars represent a composite of new order dollars combined
with other movements of the dollars in backlog related to
cancellations and change orders.
|
PulteGroup,
Inc.
Segment Data,
continued
($000's
omitted)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
MORTGAGE
ORIGINATIONS:
|
|
|
|
|
|
|
|
Origination
volume
|
3,158
|
|
|
2,507
|
|
|
5,706
|
|
|
4,623
|
|
Origination
principal
|
$
|
868,671
|
|
|
$
|
635,153
|
|
|
$
|
1,535,317
|
|
|
$
|
1,149,941
|
|
Capture
rate
|
80.6%
|
|
|
83.4%
|
|
|
80.8%
|
|
|
82.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Data
($000's
omitted)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Interest in
inventory, beginning of period
|
$
|
158,653
|
|
|
$
|
166,887
|
|
|
$
|
149,498
|
|
|
$
|
167,638
|
|
Interest
capitalized
|
38,231
|
|
|
31,296
|
|
|
73,515
|
|
|
62,099
|
|
Interest
expensed
|
(29,396)
|
|
|
(33,799)
|
|
|
(55,525)
|
|
|
(65,353)
|
|
Interest in
inventory, end of period
|
$
|
167,488
|
|
|
$
|
164,384
|
|
|
$
|
167,488
|
|
|
$
|
164,384
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pultegroup-reports-second-quarter-2016-financial-results-announces-next-phase-of-value-creation-plan-and-adds-three-experienced-executives-to-its-board-of-directors-300301760.html
SOURCE PulteGroup, Inc.