Closings up 17%, orders rise 1%, backlog gains 3%.
Builder
PulteGroup, Inc. (NYSE: PHM), Atlanta on Tuesday before market open reported net income of $290 million, or $1.01 per share, for its third quarter ended September 30, up T4% from prior-year net income of $178 million, or $0.58 per share. The gain beat analyst estimates by $0.06 per share.
The higher net income for the period was primarily the result of a 25% increase in home building revenues, in combination with a 190 basis point expansion of operating margin.
Home sale revenues for the third quarter increased 25% over the prior year to $2.6 billion. The higher revenues for the period reflected a 17% increase in closings to 6,031 homes, combined with a 7%, or $27,000, increase in average sales price to $427,000.
