PulteGroup Announces $500 Million Increase to Share Repurchase Plan
January 30 2018 - 6:30AM
PulteGroup, Inc. (NYSE:PHM) announced today that the Company’s
Board of Directors has approved a $500 million increase to its
share repurchase plan. As of December 31, 2017, the Company
had $94 million of authorization remaining in its share repurchase
plan.
“Since reestablishing our share repurchase program in 2013, we
have returned over $2.3 billion to shareholders through
our share repurchases,” said Ryan Marshall, President and CEO
of PulteGroup. “This return of capital is consistent with our
stated allocation priorities which are to invest in our business,
pay our dividend and return excess capital to shareholders.”
“Over the past five years, we have realized significant gains in
profitability, cash flows and returns,” added Marshall.
“Given the strength of our operating and financial platform heading
into 2018, along with expectations for a continued recovery in
housing demand, our Board felt confident authorizing the $500
million increase to our plan.”
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.
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, including, but not limited to the Tax Cuts and Jobs Act which
could have a greater impact on our effective tax rate or the value
of our deferred tax assets than we anticipate; 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. 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.
Company ContactInvestors: Jim Zeumer(404)
978-6434jim.zeumer@pultegroup.com
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