PulteGroup reports strong home orders
Home builder PulteGroup reported third quarter 2019 total revenues increased more than 2% to $2.71 billion from third quarter 2018 total revenues of $2.65 billion.
Home sale revenues for the third quarter increased 3% over the prior year to $2.6 billion. The higher revenues for the period reflect a 3% increase in closings to 6,186 homes, the Atlanta, Ga.-based company said. The average price of homes closed was $426,000, which is consistent with the prior year, according to PulteGroup.
Net new orders for the third quarter increased 13% over the prior year to 6,031 homes. The value of third quarter net new orders was $2.5 billion, which is an increase of 11% over the prior year.
Profits slipped, however, as the company reported a net income of $273.1 million for the quarter compared to a net income of $289.5 for the same period last year.
PulteGroup operates in more than 40 U.S. markets. The company’s brand portfolio includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West, and John Wieland Homes and Neighborhoods,
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The bottom line: Demand is strong as sales grow 3% and orders rise 13%.
What the CEO said: “Improving demand dynamics continued throughout the quarter, as lower interest rates and improved affordability had a positive impact on buyer interest,” said Ryan Marshall, PulteGroup president and CEO. “The 13% gain in orders that we realized in the third quarter reflects this improved demand environment, particularly among first-time buyers where orders were up 39% over last year.”
Company info: The full third quarter 2019 earnings report from PulteGroup can be read here.
Home sale revenues for the third quarter increased 3% over the prior year to $2.6 billion. The higher revenues for the period reflect a 3% increase in closings to 6,186 homes, the Atlanta, Ga.-based company said. The average price of homes closed was $426,000, which is consistent with the prior year, according to PulteGroup.
Net new orders for the third quarter increased 13% over the prior year to 6,031 homes. The value of third quarter net new orders was $2.5 billion, which is an increase of 11% over the prior year.
Profits slipped, however, as the company reported a net income of $273.1 million for the quarter compared to a net income of $289.5 for the same period last year.
PulteGroup operates in more than 40 U.S. markets. The company’s brand portfolio includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West, and John Wieland Homes and Neighborhoods,
###
The bottom line: Demand is strong as sales grow 3% and orders rise 13%.
What the CEO said: “Improving demand dynamics continued throughout the quarter, as lower interest rates and improved affordability had a positive impact on buyer interest,” said Ryan Marshall, PulteGroup president and CEO. “The 13% gain in orders that we realized in the third quarter reflects this improved demand environment, particularly among first-time buyers where orders were up 39% over last year.”
Company info: The full third quarter 2019 earnings report from PulteGroup can be read here.