PulteGroup beats Q1 earnings estimates

Builder saw “significant increase in consumer traffic” during the quarter.

Builder

PulteGroup, Inc. (NYSE: PHM) on Tuesday morning reported net income of $167 million, or $0.59 per share for its first quarter ended March 31, compared to $171 million, or $0.59 per share in the prior year quarter. Analysts polled by Dow Jones were expecting a gain of $0.47 per share.

Home sale revenues for the first quarter increased 2% to $1.9 billion. The increase in revenue for the period was driven by a 2% increase in average selling price to $421,000. The company closed 4,635 homes in the quarter which is a slight increase from the prior year. Home sale gross profit for the quarter was $457 million, or 23.4% of home sale revenues, compared with prior year gross profit of $452 million, or 23.6% of home sale revenues.

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