PulteGroup (PHM) Tops Q4 EPS by 8c

PulteGroup (NYSE: PHM) reported Q4 EPS of $0.57, $0.08 better than the analyst estimate of $0.49. Revenue for the quarter came in at $2 billion versus the consensus estimate of $1.85 billion.

Home sale gross margin for the period was 23.5%, an increase of 40 basis points from the prior year. SG&A expense for the quarter of $139 million, or 7.0% of home sale revenues, includes the benefit of a $30 million reversal of construction related insurance reserves recorded in the period. SG&A for the prior year period of $146 million, or 8.2% of home sale revenues, included the benefit of a $15 million reversal of construction related insurance reserves.

For the quarter, the Company reported 3,659 net new orders, an increase of 13% from prior year orders of 3,232 homes. The dollar value of fourth quarter orders increased 24% over the prior year to $1.4 billion. The Company ended the year with 620 active communities, which is up 4% from the comparable prior year period.

PulteGroup's backlog of 6,731 homes, valued at $2.5 billion, is its highest year-end backlog since 2007, and is up from prior year backlog of 5,850 homes, valued at $1.9 billion. Reflecting the continued mix shift toward the Company's higher priced Pulte Homes brand, average selling price in backlog increased 10% over the prior year to $365,000.

For earnings history and earnings-related data on PulteGroup (PHM) click here.

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