PulteGroup, Inc. (NYSE:PHM) announced today financial results for
its third quarter ended September 30, 2017. For the quarter,
the Company’s reported net income was $178 million, or $0.58 per
share. Adjusted net income for the period was $181 million,
or $0.60 per share, after excluding a pretax charge of $5 million
resulting from the resolution of certain insurance matters.
Reported net income for the prior year third quarter was $128
million, or $0.37 per share. Adjusted net income for the
period was $148 million, or $0.43 per share, after excluding costs
associated with the settlement of a disputed land transaction,
certain restructuring costs and costs relating to shareholder
activities.
“We continue to be extremely pleased with the strength of
homebuyer demand and the sustained course of the housing recovery,”
said Ryan Marshall, President and CEO of PulteGroup. “Despite
the disruptions caused by Hurricanes Harvey and Irma, our 11%
increase in year-over-year orders for the quarter points to the
health of the market, while the 15% increase in our backlog puts us
in an excellent position to deliver strong fourth quarter and
full-year financial results.”
“Fueled by growing demand among first-time buyers and supported
by a strong economy, high employment, and historically low interest
rates, U.S. new home sales for 2017 are expected to grow a healthy
5% to 10% over last year,” added Marshall. “We remain
optimistic about the strength of future housing demand, as the
current housing cycle moves into its seventh year of growth.”
Third Quarter Results
Home sale revenues for the third quarter increased 9% over the
prior year to $2.1 billion. Higher revenues for the period
were driven by a 2% increase in deliveries to 5,151 homes, combined
with a 7%, or $25,000, increase in average sales price to
$399,000.
Home sale gross margin for the third quarter was 23.9%, which is
down 80 basis points from the prior year, but is up 50 basis points
from the Company’s second quarter 2017 adjusted gross margin of
23.4%. Homebuilding SG&A expense for the quarter of $237
million, or 11.6% of home sale revenues, included a $5 million
charge associated with the resolution of certain insurance
matters. Prior year SG&A of $251 million, or 13.3% of
home sale revenues, included approximately $12 million of charges
for certain restructuring costs and shareholder
activities.
Net new orders for the third quarter increased 11% to 5,300
homes, while the value of new orders increased 23% over the prior
year to $2.3 billion. The Company operated out of 778
communities for the third quarter, which is up 10% over the third
quarter of 2016.
Ending backlog for the quarter was up 15% over the prior year to
10,823 homes, as backlog value gained 26% to $4.7 billion.
The average price of homes in backlog increased 10% over the prior
year to $431,000, which is a 10 year high for the Company.
The Company's financial services operations reported third
quarter pretax income of $18 million compared with $21 million in
2016. The decrease in pretax income for the period was
primarily the result of a more competitive operating environment
which impacted pricing during the period. Mortgage capture
rate for the quarter was 80%, compared with 81% in the prior
year.
During the quarter, the Company repurchased 10.4 million common
shares for $260 million, or an average price of $25.11 per
share.
A conference call discussing PulteGroup's third quarter 2017
results is scheduled for Tuesday, October 24, 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 StatementsThis 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 |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues: |
|
|
|
|
|
|
|
|
Homebuilding |
|
|
|
|
|
|
|
|
Home sale
revenues |
|
$ |
2,055,891 |
|
|
$ |
1,881,718 |
|
|
$ |
5,606,953 |
|
|
$ |
5,027,843 |
|
Land sale
revenues |
|
27,176 |
|
|
13,167 |
|
|
36,746 |
|
|
20,604 |
|
|
|
2,083,067 |
|
|
1,894,885 |
|
|
5,643,699 |
|
|
5,048,447 |
|
Financial
Services |
|
46,952 |
|
|
48,020 |
|
|
135,995 |
|
|
126,950 |
|
Total
revenues |
|
2,130,019 |
|
|
1,942,905 |
|
|
5,779,694 |
|
|
5,175,397 |
|
|
|
|
|
|
|
|
|
|
Homebuilding
Cost of Revenues: |
|
|
|
|
|
|
|
|
Home sale
cost of revenues |
|
(1,564,605 |
) |
|
(1,417,705 |
) |
|
(4,332,221 |
) |
|
(3,766,302 |
) |
Land sale
cost of revenues |
|
(25,123 |
) |
|
(11,428 |
) |
|
(115,950 |
) |
|
(17,859 |
) |
|
|
(1,589,728 |
) |
|
(1,429,133 |
) |
|
(4,448,171 |
) |
|
(3,784,161 |
) |
|
|
|
|
|
|
|
|
|
Financial
Services expenses |
|
(29,304 |
) |
|
(26,906 |
) |
|
(86,150 |
) |
|
(79,204 |
) |
Selling,
general, and administrative expenses |
|
(237,495 |
) |
|
(250,914 |
) |
|
(689,974 |
) |
|
(749,502 |
) |
Other expense,
net |
|
(5,243 |
) |
|
(23,617 |
) |
|
(25,337 |
) |
|
(42,402 |
) |
Income before
income taxes |
|
268,249 |
|
|
212,335 |
|
|
530,062 |
|
|
520,128 |
|
Income tax
expense |
|
(90,710 |
) |
|
(83,865 |
) |
|
(160,255 |
) |
|
(190,598 |
) |
Net
income |
|
$ |
177,539 |
|
|
$ |
128,470 |
|
|
$ |
369,807 |
|
|
$ |
329,530 |
|
|
|
|
|
|
|
|
|
|
Per
share: |
|
|
|
|
|
|
|
|
Basic
earnings |
|
$ |
0.59 |
|
|
$ |
0.37 |
|
|
$ |
1.18 |
|
|
$ |
0.95 |
|
Diluted
earnings |
|
$ |
0.58 |
|
|
$ |
0.37 |
|
|
$ |
1.18 |
|
|
$ |
0.94 |
|
Cash
dividends declared |
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.27 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
Number of
shares used in calculation: |
|
|
|
|
|
|
|
|
Basic |
|
298,538 |
|
|
340,171 |
|
|
309,453 |
|
|
344,383 |
|
Effect of
dilutive securities |
|
1,690 |
|
|
2,250 |
|
|
1,861 |
|
|
2,557 |
|
Diluted |
|
300,228 |
|
|
342,421 |
|
|
311,314 |
|
|
346,940 |
|
PulteGroup, Inc.Condensed
Consolidated Balance Sheets($000's
omitted)(Unaudited) |
|
|
September 30, 2017 |
|
December 31, 2016 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and
equivalents |
|
$ |
158,237 |
|
|
$ |
698,882 |
|
Restricted cash |
|
38,860 |
|
|
24,366 |
|
Total cash, cash
equivalents, and restricted cash |
|
197,097 |
|
|
723,248 |
|
House and land
inventory |
|
7,370,152 |
|
|
6,770,655 |
|
Land held for sale |
|
96,149 |
|
|
31,728 |
|
Residential mortgage
loans available-for-sale |
|
364,734 |
|
|
539,496 |
|
Investments in
unconsolidated entities |
|
61,497 |
|
|
51,447 |
|
Other assets |
|
797,439 |
|
|
857,426 |
|
Intangible assets |
|
144,442 |
|
|
154,792 |
|
Deferred tax assets,
net |
|
939,759 |
|
|
1,049,408 |
|
|
|
$ |
9,971,269 |
|
|
$ |
10,178,200 |
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
441,481 |
|
|
$ |
405,455 |
|
Customer
deposits |
|
306,641 |
|
|
187,891 |
|
Accrued
and other liabilities |
|
1,439,254 |
|
|
1,483,854 |
|
Financial
Services debt |
|
245,824 |
|
|
331,621 |
|
Revolving
credit facility |
|
83,000 |
|
|
— |
|
Senior
notes |
|
3,109,984 |
|
|
3,110,016 |
|
|
|
5,626,184 |
|
|
5,518,837 |
|
Shareholders'
equity |
|
4,345,085 |
|
|
4,659,363 |
|
|
|
$ |
9,971,269 |
|
|
$ |
10,178,200 |
|
PulteGroup, Inc.Consolidated
Statements of Cash Flows($000's
omitted)(Unaudited) |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2017 |
|
2016 |
Cash flows from
operating activities: |
|
|
|
|
Net
income |
|
$ |
369,807 |
|
|
$ |
329,530 |
|
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
|
Deferred
income tax expense |
|
127,856 |
|
|
198,974 |
|
Land-related charges |
|
131,254 |
|
|
13,185 |
|
Depreciation and amortization |
|
38,689 |
|
|
40,218 |
|
Share-based compensation expense |
|
26,505 |
|
|
19,813 |
|
Other,
net |
|
(1,438 |
) |
|
4,493 |
|
Increase
(decrease) in cash due to: |
|
|
|
|
Inventories |
|
(758,006 |
) |
|
(1,100,173 |
) |
Residential mortgage loans available-for-sale |
|
173,148 |
|
|
92,649 |
|
Other
assets |
|
22,120 |
|
|
11,502 |
|
Accounts
payable, accrued and other liabilities |
|
122,544 |
|
|
83,303 |
|
Net cash provided by
(used in) operating activities |
|
252,479 |
|
|
(306,506 |
) |
Cash flows from
investing activities: |
|
|
|
|
Capital
expenditures |
|
(23,548 |
) |
|
(30,551 |
) |
Investment in unconsolidated subsidiaries |
|
(22,007 |
) |
|
(14,049 |
) |
Cash used
for business acquisition |
|
— |
|
|
(430,458 |
) |
Other
investing activities, net |
|
5,788 |
|
|
5,473 |
|
Net cash used in
investing activities |
|
(39,767 |
) |
|
(469,585 |
) |
Cash flows from
financing activities: |
|
|
|
|
Proceeds
from debt issuance |
|
— |
|
|
1,995,961 |
|
Repayments of debt |
|
(7,001 |
) |
|
(985,734 |
) |
Borrowings under revolving credit facility |
|
971,000 |
|
|
619,000 |
|
Repayments under revolving credit facility |
|
(888,000 |
) |
|
(619,000 |
) |
Financial
Services borrowings (repayments) |
|
(85,797 |
) |
|
(109,083 |
) |
Stock
option exercises |
|
22,765 |
|
|
5,845 |
|
Share
repurchases |
|
(665,812 |
) |
|
(350,846 |
) |
Dividends
paid |
|
(86,018 |
) |
|
(94,298 |
) |
Net cash provided by
(used in) financing activities |
|
(738,863 |
) |
|
461,845 |
|
Net increase
(decrease) |
|
(526,151 |
) |
|
(314,246 |
) |
Cash, cash equivalents,
and restricted cash at beginning of period |
|
723,248 |
|
|
775,435 |
|
Cash, cash equivalents,
and restricted cash at end of period |
|
$ |
197,097 |
|
|
$ |
461,189 |
|
|
|
|
|
|
Supplemental
Cash Flow Information: |
|
|
|
|
Interest
paid (capitalized), net |
|
$ |
11,516 |
|
|
$ |
(11,324 |
) |
Income
taxes paid (refunded), net |
|
$ |
17,206 |
|
|
$ |
(74 |
) |
PulteGroup, Inc.Segment
Data($000's
omitted)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
HOMEBUILDING: |
|
|
|
|
|
|
|
|
Home sale
revenues |
|
$ |
2,055,891 |
|
|
$ |
1,881,718 |
|
|
$ |
5,606,953 |
|
|
$ |
5,027,843 |
|
Land sale
revenues |
|
27,176 |
|
|
13,167 |
|
|
36,746 |
|
|
20,604 |
|
Total
Homebuilding revenues |
|
2,083,067 |
|
|
1,894,885 |
|
|
5,643,699 |
|
|
5,048,447 |
|
|
|
|
|
|
|
|
|
|
Home sale
cost of revenues |
|
(1,564,605 |
) |
|
(1,417,705 |
) |
|
(4,332,221 |
) |
|
(3,766,302 |
) |
Land sale
cost of revenues |
|
(25,123 |
) |
|
(11,428 |
) |
|
(115,950 |
) |
|
(17,859 |
) |
Selling,
general, and administrative expenses |
|
(237,495 |
) |
|
(250,914 |
) |
|
(689,974 |
) |
|
(749,502 |
) |
Other
expense, net |
|
(5,381 |
) |
|
(23,775 |
) |
|
(25,730 |
) |
|
(42,742 |
) |
Income
before income taxes |
|
$ |
250,463 |
|
|
$ |
191,063 |
|
|
$ |
479,824 |
|
|
$ |
472,042 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
SERVICES: |
|
|
|
|
|
|
|
|
Income
before income taxes |
|
$ |
17,786 |
|
|
$ |
21,272 |
|
|
$ |
50,238 |
|
|
$ |
48,086 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED: |
|
|
|
|
|
|
|
|
Income
before income taxes |
|
$ |
268,249 |
|
|
$ |
212,335 |
|
|
$ |
530,062 |
|
|
$ |
520,128 |
|
PulteGroup, Inc.Segment Data,
continued($000's
omitted)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Home sale
revenues |
|
$ |
2,055,891 |
|
|
$ |
1,881,718 |
|
|
$ |
5,606,953 |
|
|
$ |
5,027,843 |
|
|
|
|
|
|
|
|
|
|
Closings -
units |
|
|
|
|
|
|
|
|
Northeast |
|
318 |
|
|
317 |
|
|
846 |
|
|
889 |
|
Southeast |
|
966 |
|
|
948 |
|
|
2,751 |
|
|
2,799 |
|
Florida |
|
897 |
|
|
836 |
|
|
2,639 |
|
|
2,348 |
|
Midwest |
|
1,001 |
|
|
938 |
|
|
2,576 |
|
|
2,276 |
|
Texas |
|
927 |
|
|
948 |
|
|
2,809 |
|
|
2,646 |
|
West |
|
1,042 |
|
|
1,050 |
|
|
2,799 |
|
|
2,796 |
|
|
|
5,151 |
|
|
5,037 |
|
|
14,420 |
|
|
13,754 |
|
Average selling
price |
|
$ |
399 |
|
|
$ |
374 |
|
|
$ |
389 |
|
|
$ |
366 |
|
|
|
|
|
|
|
|
|
|
Net new orders
- units |
|
|
|
|
|
|
|
|
Northeast |
|
316 |
|
|
325 |
|
|
1,103 |
|
|
1,055 |
|
Southeast |
|
1,044 |
|
|
938 |
|
|
3,314 |
|
|
3,006 |
|
Florida |
|
991 |
|
|
946 |
|
|
3,121 |
|
|
2,880 |
|
Midwest |
|
868 |
|
|
817 |
|
|
3,119 |
|
|
2,870 |
|
Texas |
|
881 |
|
|
852 |
|
|
3,281 |
|
|
3,009 |
|
West |
|
1,200 |
|
|
897 |
|
|
3,883 |
|
|
3,304 |
|
|
|
5,300 |
|
|
4,775 |
|
|
17,821 |
|
|
16,124 |
|
Net new orders
- dollars |
|
$ |
2,260,082 |
|
|
$ |
1,831,339 |
|
|
$ |
7,331,311 |
|
|
$ |
6,087,334 |
|
|
|
|
|
|
|
|
|
|
Unit
backlog |
|
|
|
|
|
|
|
|
Northeast |
|
|
|
|
|
644 |
|
|
610 |
|
Southeast |
|
|
|
|
|
1,934 |
|
|
1,669 |
|
Florida |
|
|
|
|
|
1,900 |
|
|
1,806 |
|
Midwest |
|
|
|
|
|
1,850 |
|
|
1,683 |
|
Texas |
|
|
|
|
|
1,884 |
|
|
1,708 |
|
West |
|
|
|
|
|
2,611 |
|
|
1,941 |
|
|
|
|
|
|
|
10,823 |
|
|
9,417 |
|
Dollars in
backlog |
|
|
|
|
|
$ |
4,665,871 |
|
|
$ |
3,698,920 |
|
|
|
|
|
|
|
|
|
|
PulteGroup, Inc.Segment Data,
continued($000's
omitted)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
MORTGAGE
ORIGINATIONS: |
|
|
|
|
|
|
|
|
Origination volume |
|
3,428 |
|
|
3,417 |
|
|
9,631 |
|
|
9,123 |
|
Origination principal |
|
$ |
1,002,108 |
|
|
$ |
945,859 |
|
|
$ |
2,778,151 |
|
|
$ |
2,481,177 |
|
Capture
rate |
|
79.6 |
% |
|
81.1 |
% |
|
79.5 |
% |
|
80.9 |
% |
Supplemental Data($000's
omitted)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Interest in inventory,
beginning of period |
|
$ |
212,850 |
|
|
$ |
167,488 |
|
|
$ |
186,097 |
|
|
$ |
149,498 |
|
Interest
capitalized |
|
46,077 |
|
|
42,030 |
|
|
135,949 |
|
|
115,545 |
|
Interest
expensed |
|
(36,381 |
) |
|
(32,857 |
) |
|
(99,500 |
) |
|
(88,382 |
) |
Interest in inventory,
end of period |
|
$ |
222,546 |
|
|
$ |
176,661 |
|
|
$ |
222,546 |
|
|
$ |
176,661 |
|
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 |
|
Three Months Ended |
|
|
September 30, 2017 |
|
September 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported |
|
Adjustments(a) |
|
Adjusted |
|
As Reported |
|
Adjustments(b) |
|
Adjusted |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding |
|
|
|
|
|
|
|
|
|
|
|
|
Home sale
revenues |
|
$ |
2,055,891 |
|
|
$ |
— |
|
|
$ |
2,055,891 |
|
|
$ |
1,881,718 |
|
|
$ |
— |
|
|
$ |
1,881,718 |
|
Land sale
revenues |
|
27,176 |
|
|
— |
|
|
27,176 |
|
|
13,167 |
|
|
— |
|
|
13,167 |
|
|
|
2,083,067 |
|
|
— |
|
|
2,083,067 |
|
|
1,894,885 |
|
|
— |
|
|
1,894,885 |
|
Financial Services |
|
46,952 |
|
|
— |
|
|
46,952 |
|
|
48,020 |
|
|
— |
|
|
48,020 |
|
Total
revenues |
|
2,130,019 |
|
|
— |
|
|
2,130,019 |
|
|
1,942,905 |
|
|
|
|
1,942,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding
Cost of Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Home sale
cost of revenues |
|
(1,564,605 |
) |
|
— |
|
|
(1,564,605 |
) |
|
(1,417,705 |
) |
|
— |
|
|
(1,417,705 |
) |
Land sale
cost of revenues |
|
(25,123 |
) |
|
— |
|
|
(25,123 |
) |
|
(11,428 |
) |
|
— |
|
|
(11,428 |
) |
|
|
(1,589,728 |
) |
|
— |
|
|
(1,589,728 |
) |
|
(1,429,133 |
) |
|
— |
|
|
(1,429,133 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Services expenses |
|
(29,304 |
) |
|
— |
|
|
(29,304 |
) |
|
(26,906 |
) |
|
— |
|
|
(26,906 |
) |
Selling,
general, and administrative expenses (SG&A) |
|
(237,495 |
) |
|
5,326 |
|
|
(232,169 |
) |
|
(250,914 |
) |
|
11,529 |
|
|
(239,385 |
) |
Other expense,
net |
|
(5,243 |
) |
|
— |
|
|
(5,243 |
) |
|
(23,617 |
) |
|
19,644 |
|
|
(3,973 |
) |
Income before
income taxes |
|
268,249 |
|
|
5,326 |
|
|
273,575 |
|
|
212,335 |
|
|
31,173 |
|
|
243,508 |
|
Income tax
expense |
|
(90,710 |
) |
|
(1,944 |
) |
|
(92,654 |
) |
|
(83,865 |
) |
|
(11,846 |
) |
|
(95,711 |
) |
Net
income |
|
$ |
177,539 |
|
|
$ |
3,382 |
|
|
$ |
180,921 |
|
|
$ |
128,470 |
|
|
$ |
19,327 |
|
|
$ |
147,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share (diluted) |
|
$ |
0.58 |
|
|
|
|
$ |
0.60 |
|
|
$ |
0.37 |
|
|
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home sale gross
margin |
|
23.9 |
% |
|
|
|
23.9 |
% |
|
24.7 |
% |
|
|
|
24.7 |
% |
SG&A as a
percentage of sales |
|
11.6 |
% |
|
|
|
11.3 |
% |
|
13.3 |
% |
|
|
|
12.7 |
% |
Operating
margin |
|
12.3 |
% |
|
|
|
12.6 |
% |
|
11.3 |
% |
|
|
|
11.9 |
% |
(a) Includes a charge related to the resolution of certain
insurance matters.(b) Includes costs associated with the
settlement of a disputed land transaction, restructuring, and
shareholder activities.
PulteGroup, Inc. |
Reconciliation of Non-GAAP Financial
Measures |
|
|
|
Three Months Ended |
|
|
September30, 2017 |
|
June 30,2017 |
|
|
|
|
|
Home sale
revenues |
|
$ |
2,055,891 |
|
|
$ |
1,965,641 |
|
Home sale cost
of revenues |
|
(1,564,605 |
) |
|
(1,549,937 |
) |
Home sale gross
margin |
|
491,286 |
|
|
415,704 |
|
|
|
|
|
|
Add: |
|
|
|
|
Impairments |
|
— |
|
|
31,487 |
|
Warranty
adjustment |
|
— |
|
|
12,106 |
|
Adjusted home
sale gross margin |
|
$ |
491,286 |
|
|
$ |
459,297 |
|
|
|
|
|
|
Adjusted home
sale gross margin as a percent of home sale
revenues |
|
23.9 |
% |
|
23.4 |
% |
Company ContactInvestors: Jim Zeumer(404)
978-6434jim.zeumer@pultegroup.com
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