By Denny Jacob
PulteGroup posted revenue growth in its latest quarter above Wall Street's forecasts, boosted in part by a greater number of closings and a higher average selling price on homes closed.
The Atlanta homebuilder logged net income of $913.2 million, or $4.43 a share, compared to about $711 million, or $3.28 a share, a year earlier. Analysts polled by FactSet expected $3.26 a share.
Revenue rose to $4.92 billion from $4.29 billion. Analysts polled by FactSet expected $4.64 billion.
Home sale revenue increased 13% to $4.71 billion, which PulteGroup attributed to a 6% increase in closings to 8,103 homes.
The average selling price of homes closed in the period was $581,000 compared to $547,000 in the prior year period.
For closing units by region, the West rose to 1,834 from 1,390 a year earlier. Florida declined to 1,855 from 1,940, while Texas edged down to 1,167 from 1,265.
Chief Executive Ryan Marshall said buyer demand continues to be affected by mortgage rates that remain elevated despite action from the Federal Reserve to lower short-term interest rates.
PulteGroup also announced its board approved a $1.5 billion increase to its share repurchase authorization, bringing its remaining share repurchase authorization to $2.1 billion.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 30, 2025 07:07 ET (12:07 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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