PulteGroup, Inc. (NYSE:PHM) announced today financial results for
its second quarter ended June 30, 2017. For the quarter, the
Company’s reported net income was $101 million, or $0.32 per share.
Adjusted net income for the period was $148 million, or $0.47 per
share. Adjustments to the Company’s reported results include
a pretax charge of $121 million associated with the Company’s
previously announced decision to dispose of select non-core and
underutilized land assets, a net pretax benefit of $8 million
relating to warranty and construction defect reserve adjustments,
and $24 million of net tax benefits recorded during the period.
Reported net income for the prior year second quarter was $118
million, or $0.34 per share. Adjusted net income for
the prior year quarter was $127 million, or $0.37 per share, after
excluding the impact of land and corporate office relocation
charges in the period.
“U.S. housing demand continues to benefit from positive market
dynamics including an improving economy and job market, high
consumer confidence, low interest rates and a generally limited
supply of homes across the country,” said Ryan Marshall, President
and Chief Executive Officer of PulteGroup. “Given these
strong market supports, we believe housing demand can continue to
move higher over the coming quarters.”
“Within this market environment, PulteGroup is successfully
executing against its business strategies as we focus on
intelligently growing our business while delivering high returns,”
added Mr. Marshall. “Consistent with this focus, our second
quarter results show orders up 12%, backlog value up 19% and
adjusted earnings per share up 27%, while ROE improved 140 basis
points to 12.8%.”
Second Quarter Results
Home sale revenues for the second quarter increased 12% over the
prior year to $2.0 billion. Higher revenues for the period
were driven by a 6% increase in deliveries to 5,044 homes, combined
with a 6% increase in average sales price to $390,000.
Reported gross margin for the second quarter was 21.1%,
including the impact of land-related and warranty charges taken in
the period. Exclusive of these charges, the Company’s
adjusted gross margin for the quarter was 23.4%.
Reported SG&A expense for the second quarter was $216 million,
or 11.0% of home sale revenues, which includes a $20 million
benefit relating to an insurance reserve adjustment taken in the
period. Adjusted SG&A expense for the quarter was $236
million, or 12.0% of home sale revenues. Reported SG&A
expense for the prior year was $256 million, or 14.6% of home sale
revenues.
Net new orders for the second quarter increased 12% over the
prior year to 6,395 homes. The dollar value of net new orders
gained 23% to $2.6 billion. For the quarter, the Company
operated out of 803 communities.
PulteGroup’s unit backlog increased 10% over the prior year to
10,674 homes. The value of homes in backlog increased 19% to
$4.5 billion. The average sales price of homes in backlog is
$418,000, which is up 8% over the average sales price in backlog in
the second quarter of last year and up 7% from the average sales
price of homes delivered in the second quarter of 2017.
Pretax income for the Company's financial services operations
increased 11% for the quarter to $19 million, as the operations
benefitted from higher homebuilder closing volumes and an increase
in the average loan size. Mortgage capture rate for the
quarter was 79%, compared with 81% in the prior year.
For the quarter, the Company reported $22 million of income tax
expense, representing an effective tax rate of 17.8%. The
Company’s tax rate for the quarter included the net benefit of $24
million resulting from the favorable resolution of certain tax
matters. Excluding this benefit, the Company’s effective tax
rate would have been approximately 37%.
During the quarter, PulteGroup repurchased 12.8 million common
shares for $300 million, or an average price of $23.42 per
share.
A conference call discussing PulteGroup's second quarter 2017
results is scheduled for Tuesday, July 25, 2017, 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,” “plan,” “project,” “may,” “can,” “could,”
“might,” "should", “will” and similar expressions identify
forward-looking statements, including statements related to the
impairment charge with respect to certain land parcels and the
impacts or effects thereof, 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; competition within the industries in which we operate;
the availability and cost of land and other raw materials used by
us in our 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 levels
of our land spend; the availability and cost of insurance covering
risks associated with our 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 our 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, 2016 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. We undertake no duty to update any
forward-looking statement, whether as a result of new information,
future events or changes in our 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, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues: |
|
|
|
|
|
|
|
Homebuilding |
|
|
|
|
|
|
|
Home sale
revenues |
$ |
1,965,641 |
|
|
$ |
1,751,882 |
|
|
$ |
3,551,063 |
|
|
$ |
3,146,125 |
|
Land sale
revenues |
7,930 |
|
|
4,950 |
|
|
9,570 |
|
|
7,437 |
|
|
1,973,571 |
|
|
1,756,832 |
|
|
3,560,633 |
|
|
3,153,562 |
|
Financial
Services |
47,275 |
|
|
43,082 |
|
|
89,042 |
|
|
78,930 |
|
Total
revenues |
2,020,846 |
|
|
1,799,914 |
|
|
3,649,675 |
|
|
3,232,492 |
|
|
|
|
|
|
|
|
|
Homebuilding
Cost of Revenues: |
|
|
|
|
|
|
|
Home sale
cost of revenues |
(1,549,937 |
) |
|
(1,310,569 |
) |
|
(2,767,615 |
) |
|
(2,348,597 |
) |
Land sale
cost of revenues |
(87,599 |
) |
|
(4,403 |
) |
|
(90,827 |
) |
|
(6,430 |
) |
|
(1,637,536 |
) |
|
(1,314,972 |
) |
|
(2,858,442 |
) |
|
(2,355,027 |
) |
|
|
|
|
|
|
|
|
Financial
Services expenses |
(28,478 |
) |
|
(26,180 |
) |
|
(56,846 |
) |
|
(52,298 |
) |
Selling,
general, and administrative expenses |
(216,211 |
) |
|
(256,273 |
) |
|
(452,479 |
) |
|
(498,589 |
) |
Other expense,
net |
(16,074 |
) |
|
(12,909 |
) |
|
(20,095 |
) |
|
(18,785 |
) |
Income before
income taxes |
122,547 |
|
|
189,580 |
|
|
261,813 |
|
|
307,793 |
|
Income tax
expense |
(21,798 |
) |
|
(71,820 |
) |
|
(69,545 |
) |
|
(106,733 |
) |
Net
income |
$ |
100,749 |
|
|
$ |
117,760 |
|
|
$ |
192,268 |
|
|
$ |
201,060 |
|
|
|
|
|
|
|
|
|
Per
share: |
|
|
|
|
|
|
|
Basic
earnings |
$ |
0.32 |
|
|
$ |
0.34 |
|
|
$ |
0.60 |
|
|
$ |
0.58 |
|
Diluted
earnings |
$ |
0.32 |
|
|
$ |
0.34 |
|
|
$ |
0.60 |
|
|
$ |
0.57 |
|
Cash
dividends declared |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.18 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
Number of
shares used in calculation: |
|
|
|
|
|
|
|
Basic |
312,315 |
|
|
345,240 |
|
|
315,021 |
|
|
346,528 |
|
Effect of
dilutive securities |
1,565 |
|
|
2,759 |
|
|
1,946 |
|
|
2,710 |
|
Diluted |
313,880 |
|
|
347,999 |
|
|
316,967 |
|
|
349,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PulteGroup, Inc. |
Condensed Consolidated Balance
Sheets |
($000's omitted) |
(Unaudited) |
|
|
June 30, 2017 |
|
December 31, 2016 |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Cash and
equivalents |
$ |
208,203 |
|
|
$ |
698,882 |
|
Restricted cash |
31,652 |
|
|
24,366 |
|
Total cash, cash
equivalents, and restricted cash |
239,855 |
|
|
723,248 |
|
House and land
inventory |
7,090,164 |
|
|
6,770,655 |
|
Land held for sale |
104,652 |
|
|
31,728 |
|
Residential mortgage
loans available-for-sale |
364,939 |
|
|
539,496 |
|
Investments in
unconsolidated entities |
59,617 |
|
|
51,447 |
|
Other assets |
818,972 |
|
|
857,426 |
|
Intangible assets |
147,892 |
|
|
154,792 |
|
Deferred tax assets,
net |
986,787 |
|
|
1,049,408 |
|
|
$ |
9,812,878 |
|
|
$ |
10,178,200 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
Accounts
payable |
$ |
407,691 |
|
|
$ |
405,455 |
|
Customer
deposits |
290,890 |
|
|
187,891 |
|
Accrued
and other liabilities |
1,406,598 |
|
|
1,483,854 |
|
Financial
Services debt |
153,703 |
|
|
331,621 |
|
Senior
notes |
3,109,994 |
|
|
3,110,016 |
|
|
5,368,876 |
|
|
5,518,837 |
|
Shareholders'
equity |
4,444,002 |
|
|
4,659,363 |
|
|
$ |
9,812,878 |
|
|
$ |
10,178,200 |
|
|
|
|
|
|
|
|
|
PulteGroup, Inc. |
Consolidated Statements of Cash
Flows |
($000's omitted) |
(Unaudited) |
|
|
Six Months Ended |
|
June 30, |
|
2017 |
|
2016 |
Cash flows from
operating activities: |
|
|
|
Net
income |
$ |
192,268 |
|
|
$ |
201,060 |
|
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
Deferred
income tax expense |
80,841 |
|
|
117,783 |
|
Land-related charges |
129,108 |
|
|
10,522 |
|
Depreciation and amortization |
26,023 |
|
|
26,705 |
|
Share-based compensation expense |
20,871 |
|
|
16,906 |
|
Other,
net |
(1,536 |
) |
|
(732 |
) |
Increase
(decrease) in cash due to: |
|
|
|
Inventories |
(486,393 |
) |
|
(810,417 |
) |
Residential mortgage loans available-for-sale |
172,943 |
|
|
78,460 |
|
Other
assets |
15,309 |
|
|
(15,506 |
) |
Accounts
payable, accrued and other liabilities |
26,892 |
|
|
55,113 |
|
Net cash provided by
(used in) operating activities |
176,326 |
|
|
(320,106 |
) |
Cash flows from
investing activities: |
|
|
|
Capital
expenditures |
(16,892 |
) |
|
(21,044 |
) |
Investment in unconsolidated subsidiaries |
(17,832 |
) |
|
(13,769 |
) |
Cash used
for business acquisition |
— |
|
|
(430,025 |
) |
Other
investing activities, net |
3,143 |
|
|
5,473 |
|
Net cash used in
investing activities |
(31,581 |
) |
|
(459,365 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds
from debt issuance |
— |
|
|
986,084 |
|
Repayments of debt |
(2,153 |
) |
|
(484,974 |
) |
Borrowings under revolving credit facility |
110,000 |
|
|
358,000 |
|
Repayments under revolving credit facility |
(110,000 |
) |
|
(358,000 |
) |
Financial
Services borrowings (repayments) |
(177,918 |
) |
|
(78,320 |
) |
Stock
option exercises |
15,966 |
|
|
742 |
|
Share
repurchases |
(405,819 |
) |
|
(100,806 |
) |
Dividends
paid |
(58,214 |
) |
|
(63,019 |
) |
Net cash provided by
(used in) financing activities |
(628,138 |
) |
|
259,707 |
|
Net increase
(decrease) |
(483,393 |
) |
|
(519,764 |
) |
Cash, cash equivalents,
and restricted cash at beginning of period |
723,248 |
|
|
775,435 |
|
Cash, cash equivalents,
and restricted cash at end of period |
$ |
239,855 |
|
|
$ |
255,671 |
|
|
|
|
|
Supplemental
Cash Flow Information: |
|
|
|
Interest
paid (capitalized), net |
$ |
(2,359 |
) |
|
$ |
(14,671 |
) |
Income
taxes paid (refunded), net |
$ |
(10,980 |
) |
|
$ |
(5,457 |
) |
|
|
|
|
|
|
|
|
PulteGroup, Inc. |
Segment Data |
($000's omitted) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
HOMEBUILDING: |
|
|
|
|
|
|
|
Home sale
revenues |
$ |
1,965,641 |
|
|
$ |
1,751,882 |
|
|
$ |
3,551,063 |
|
|
$ |
3,146,125 |
|
Land sale
revenues |
7,930 |
|
|
4,950 |
|
|
9,570 |
|
|
7,437 |
|
Total
Homebuilding revenues |
1,973,571 |
|
|
1,756,832 |
|
|
3,560,633 |
|
|
3,153,562 |
|
|
|
|
|
|
|
|
|
Home sale
cost of revenues |
(1,549,937 |
) |
|
(1,310,569 |
) |
|
(2,767,615 |
) |
|
(2,348,597 |
) |
Land sale
cost of revenues |
(87,599 |
) |
|
(4,403 |
) |
|
(90,827 |
) |
|
(6,430 |
) |
Selling,
general, and administrative expenses |
(216,211 |
) |
|
(256,273 |
) |
|
(452,479 |
) |
|
(498,589 |
) |
Other
expense, net |
(16,225 |
) |
|
(13,041 |
) |
|
(20,350 |
) |
|
(18,967 |
) |
Income
before income taxes |
$ |
103,599 |
|
|
$ |
172,546 |
|
|
$ |
229,362 |
|
|
$ |
280,979 |
|
|
|
|
|
|
|
|
|
FINANCIAL
SERVICES: |
|
|
|
|
|
|
|
Income
before income taxes |
$ |
18,948 |
|
|
$ |
17,034 |
|
|
$ |
32,451 |
|
|
$ |
26,814 |
|
|
|
|
|
|
|
|
|
CONSOLIDATED: |
|
|
|
|
|
|
|
Income
before income taxes |
$ |
122,547 |
|
|
$ |
189,580 |
|
|
$ |
261,813 |
|
|
$ |
307,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PulteGroup, Inc. |
Segment Data, continued |
($000's omitted) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Home sale
revenues |
$ |
1,965,641 |
|
|
$ |
1,751,882 |
|
|
$ |
3,551,063 |
|
|
$ |
3,146,125 |
|
|
|
|
|
|
|
|
|
Closings -
units |
|
|
|
|
|
|
|
Northeast |
296 |
|
|
310 |
|
|
528 |
|
|
572 |
|
Southeast |
949 |
|
|
1,025 |
|
|
1,785 |
|
|
1,851 |
|
Florida |
910 |
|
|
767 |
|
|
1,742 |
|
|
1,512 |
|
Midwest |
907 |
|
|
786 |
|
|
1,575 |
|
|
1,338 |
|
Texas |
1,042 |
|
|
923 |
|
|
1,882 |
|
|
1,698 |
|
West |
940 |
|
|
961 |
|
|
1,757 |
|
|
1,746 |
|
|
5,044 |
|
|
4,772 |
|
|
9,269 |
|
|
8,717 |
|
Average selling
price |
$ |
390 |
|
|
$ |
367 |
|
|
$ |
383 |
|
|
$ |
361 |
|
|
|
|
|
|
|
|
|
Net new orders
- units |
|
|
|
|
|
|
|
Northeast |
376 |
|
|
352 |
|
|
787 |
|
|
730 |
|
Southeast |
1,193 |
|
|
1,016 |
|
|
2,270 |
|
|
2,068 |
|
Florida |
1,090 |
|
|
1,011 |
|
|
2,130 |
|
|
1,934 |
|
Midwest |
1,089 |
|
|
1,059 |
|
|
2,251 |
|
|
2,053 |
|
Texas |
1,189 |
|
|
1,036 |
|
|
2,400 |
|
|
2,157 |
|
West |
1,458 |
|
|
1,223 |
|
|
2,683 |
|
|
2,407 |
|
|
6,395 |
|
|
5,697 |
|
|
12,521 |
|
|
11,349 |
|
Net new orders
- dollars |
$ |
2,625,091 |
|
|
$ |
2,142,024 |
|
|
$ |
5,071,230 |
|
|
$ |
4,255,995 |
|
|
|
|
|
|
|
|
|
Unit
backlog |
|
|
|
|
|
|
|
Northeast |
|
|
|
|
646 |
|
|
602 |
|
Southeast |
|
|
|
|
1,856 |
|
|
1,679 |
|
Florida |
|
|
|
|
1,806 |
|
|
1,696 |
|
Midwest |
|
|
|
|
1,983 |
|
|
1,804 |
|
Texas |
|
|
|
|
1,930 |
|
|
1,804 |
|
West |
|
|
|
|
2,453 |
|
|
2,094 |
|
|
|
|
|
|
10,674 |
|
|
9,679 |
|
Dollars in
backlog |
|
|
|
|
$ |
4,461,680 |
|
|
$ |
3,749,299 |
|
|
|
|
|
|
|
|
|
PulteGroup, Inc. |
Segment Data, continued |
($000's omitted) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
MORTGAGE
ORIGINATIONS: |
|
|
|
|
|
|
|
Origination volume |
3,330 |
|
|
3,158 |
|
|
6,203 |
|
|
5,706 |
|
Origination principal |
$ |
969,691 |
|
|
$ |
868,671 |
|
|
$ |
1,776,043 |
|
|
$ |
1,535,317 |
|
Capture
rate |
78.9 |
% |
|
80.6 |
% |
|
79.5 |
% |
|
80.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
($000's omitted) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Interest in inventory,
beginning of period |
$ |
203,828 |
|
|
$ |
158,653 |
|
|
$ |
186,097 |
|
|
$ |
149,498 |
|
Interest
capitalized |
44,949 |
|
|
38,231 |
|
|
89,872 |
|
|
73,515 |
|
Interest
expensed |
(35,927 |
) |
|
(29,396 |
) |
|
(63,119 |
) |
|
(55,525 |
) |
Interest in inventory,
end of period |
$ |
212,850 |
|
|
$ |
167,488 |
|
|
$ |
212,850 |
|
|
$ |
167,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PulteGroup,
Inc.Reconciliation of Non-GAAP Financial
Measures
This report contains information about our operating results
reflecting certain adjustments, including adjustments to cost of
revenues, selling general, and administrative expenses, income
before income taxes, income tax expense, net income, diluted
earnings per share, and operating margin. These measures are
considered non-GAAP financial measures under the SEC's rules and
should be considered in addition to, rather than as a substitute
for, the comparable GAAP financial measures as measures of our
profitability. We believe that reflecting these adjustments
provides investors relevant and useful information for evaluating
the comparability of financial information presented and comparing
our profitability to other companies in the homebuilding industry.
Although other companies in the homebuilding industry report
similar information, the methods used may differ. We urge investors
to understand the methods used by other companies in the
homebuilding industry to calculate these measures and any
adjustments thereto before comparing our measures to those of such
other companies.
The following tables set forth a reconciliation of the non-GAAP
financial measures to the GAAP financial measures that management
believes to be most directly comparable ($000's omitted):
|
Three Months Ended |
|
June 30, 2017 |
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
Warranty / |
|
Income |
|
|
|
As Reported |
|
Impairments |
|
Insurance |
|
Taxes |
|
Adjusted |
Revenues: |
|
|
|
|
|
|
|
|
|
Homebuilding |
|
|
|
|
|
|
|
|
|
Home sale
revenues |
$ |
1,965,641 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,965,641 |
|
Land sale
revenues |
7,930 |
|
|
|
|
|
|
|
|
7,930 |
|
|
1,973,571 |
|
|
|
|
|
|
|
|
1,973,571 |
|
Financial Services |
47,275 |
|
|
|
|
|
|
|
|
47,275 |
|
Total
revenues |
2,020,846 |
|
|
|
|
|
|
|
|
2,020,846 |
|
|
|
|
|
|
|
|
|
|
|
Homebuilding
Cost of Revenues: |
|
|
|
|
|
|
|
|
|
Home sale
cost of revenues |
(1,549,937 |
) |
|
31,487 |
|
|
12,106 |
|
|
|
|
(1,506,344 |
) |
Land sale
cost of revenues |
(87,599 |
) |
|
81,006 |
|
|
|
|
|
|
(6,593 |
) |
|
(1,637,536 |
) |
|
112,493 |
|
|
12,106 |
|
|
|
|
(1,512,937 |
) |
|
|
|
|
|
|
|
|
|
|
Financial
Services expenses |
(28,478 |
) |
|
|
|
|
|
|
|
(28,478 |
) |
Selling,
general, and administrative expenses (SG&A) |
(216,211 |
) |
|
|
|
(19,813 |
) |
|
|
|
(236,024 |
) |
Other expense,
net |
(16,074 |
) |
|
8,017 |
|
|
|
|
|
|
(8,057 |
) |
Income before
income taxes |
122,547 |
|
|
120,510 |
|
|
(7,707 |
) |
|
— |
|
|
235,350 |
|
Income tax
expense |
(21,798 |
) |
|
(44,589 |
) |
|
2,852 |
|
|
(23,808 |
) |
|
(87,343 |
) |
Net
income |
$ |
100,749 |
|
|
$ |
75,921 |
|
|
$ |
(4,855 |
) |
|
$ |
(23,808 |
) |
|
$ |
148,007 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share (diluted) |
$ |
0.32 |
|
|
|
|
|
|
|
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
Home sale gross
margin |
21.1 |
% |
|
|
|
|
|
|
|
23.4 |
% |
SG&A as a
percentage of sales |
11.0 |
% |
|
|
|
|
|
|
|
12.0 |
% |
Operating
margin |
10.1 |
% |
|
|
|
|
|
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective
income tax rate |
17.8 |
% |
|
|
|
|
|
|
|
37.1 |
% |
|
Three Months Ended |
|
June 30, 2016 |
|
|
|
|
|
|
|
As Reported |
|
Adjustments* |
|
Adjusted |
Revenues: |
|
|
|
|
|
Homebuilding |
|
|
|
|
|
Home sale
revenues |
$ |
1,751,882 |
|
|
$ |
— |
|
|
$ |
1,751,882 |
|
Land sale
revenues |
4,950 |
|
|
|
|
4,950 |
|
|
1,756,832 |
|
|
|
|
1,756,832 |
|
Financial Services |
43,082 |
|
|
|
|
43,082 |
|
Total
revenues |
1,799,914 |
|
|
|
|
1,799,914 |
|
|
|
|
|
|
|
Homebuilding
Cost of Revenues: |
|
|
|
|
|
Home sale
cost of revenues |
(1,310,569 |
) |
|
|
|
(1,310,569 |
) |
Land sale
cost of revenues |
(4,403 |
) |
|
|
|
(4,403 |
) |
|
(1,314,972 |
) |
|
— |
|
|
(1,314,972 |
) |
|
|
|
|
|
|
Financial
Services expenses |
(26,180 |
) |
|
|
|
(26,180 |
) |
Selling,
general, and administrative expenses (SG&A) |
(256,273 |
) |
|
|
|
(256,273 |
) |
Other expense,
net |
(12,909 |
) |
|
14,724 |
|
|
1,815 |
|
Income before
income taxes |
189,580 |
|
|
14,724 |
|
|
204,304 |
|
Income tax
expense |
(71,820 |
) |
|
(5,595 |
) |
|
(77,415 |
) |
Net
income |
$ |
117,760 |
|
|
$ |
9,129 |
|
|
$ |
126,889 |
|
|
|
|
|
|
|
Earnings per
share (diluted) |
$ |
0.34 |
|
|
|
|
$ |
0.37 |
|
|
|
|
|
|
|
Home sale gross
margin |
25.2 |
% |
|
|
|
25.2 |
% |
SG&A as a
percentage of sales |
14.6 |
% |
|
|
|
14.6 |
% |
Operating
margin |
10.6 |
% |
|
|
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Effective
income tax rate |
37.9 |
% |
|
|
|
37.9 |
% |
* Includes charges associated with the termination of certain
pending land transactions and recognition of final costs associated
with our corporate office relocation.
Company Contact
Investors: Jim Zeumer
(404) 978-6434
jim.zeumer@pultegroup.com
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