Jan 30 (Reuters) - U.S. homebuilder PulteGroup PHM.N beat Wall Street estimates for its fourth-quarter results on Thursday, as strategic promotions helped boost home sales despite high mortgage rates, sending its shares up more than 3% in premarket.
The Atlanta, Georgia-based company said it used targeted sales incentives to spur consumers who have been reluctant to buy new homes, as the U.S. 30-year mortgage rates crossed 7% earlier this month, the highest since May 2024.
"Despite Federal Reserve actions to lower short-term interest rates, mortgage interest rates remained elevated in the fourth quarter, which impacted buyer demand as homebuyers continue to face affordability challenges," said PulteGroup CEO, Ryan Marshall.
The homebuilder also announced a $1.5 billion increase to the company's share repurchase authorization.
The company reported a 6% increase in closings to 8,103 homes, compared with the prior year.
PulteGroup's total revenue for the quarter ended Dec. 31 of $4.92 billion came above analysts' average estimate of $4.64 billion, according to data compiled by LSEG.
Earnings came in at $4.43 per share, beating analysts' estimates of $3.27 per share.
(Reporting by Abhinav Parmar and Anshuman Tripathy in Bengaluru; Editing by Vijay Kishore)
((Abhinav.Parmar@thomsonreuters.com;))
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