PulteGroup (PHM) Updates Select Guidance for Q3 and Full Year 2021

In advance of upcoming investor conferences, PulteGroup, Inc. (NYSE: PHM) announced today updated closing guidance for its third quarter and full year 2021. PulteGroup currently expects third quarter closings to increase approximately 8% over last year to 7,000 homes. For the full year, the Company expects closings to increase approximately 19% to 21% to between 29,250 and 29,750 homes.

“Despite the extraordinary efforts of our trade partners, the supply chain issues that have plagued the industry throughout the pandemic have increased during the second half of the year,” said Ryan Marshall, President and Chief Executive Officer of PulteGroup. “We continue to work closely with our suppliers, but shortages for a variety of building products, combined with increased production volumes across the homebuilding industry, are directly impacting our ability to get homes closed to our level of quality over the remainder of 2021. In light of these challenges, we are providing routine updates on build schedules to our backlog of homebuyers, who remain committed to close on their new homes.”

Based on the reduced closing volume and changes in the geographic and buyer mix of homes anticipated to close in the period, the Company now expects third quarter gross margin to be in the range of 26.4% to 26.6%, and SG&A of 9.9% of home sale revenues.

“Industry disruptions have also impacted the timing of community openings such that, even though we continue to limit sales pace in many communities in the face of ongoing buyer demand, our average community count for the third quarter is expected to be down approximately 15% from last year,” said Marshall. “We continue to expect community count at year end to be down 5% to 10% from last year and then gradually expand as 2022 progresses.”

PulteGroup plans to report its complete third quarter results on Tuesday, October 26, 2021.

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