PulteGroup announced a significant 32% increase in earnings for the first quarter of 2024, with earnings per share up to $3.10. The company cited robust demand and an effective operating model as key drivers behind its financial success, with a notable revenue jump in home sales to $3.8 billion, an 11% rise in home closings, and a 14% increase in net new orders.
The first quarter saw a 10% increase in home sale revenues over the previous year, with total closings up by 11% to 7,095 homes. However, this was slightly offset by a 1% decrease in the average sales price to $538,000. "With a structural shortage of several million homes in the country, our diverse product portfolio and attractive financing options are set to enhance our market share and address the critical demand for new housing," PulteGroup's President and CEO Ryan Marshall said.
Key financial highlights include a 50 basis point increase in home sale gross margin to 29.6% and a significant growth in net income to $663 million. The company also reported a healthy backlog of 13,430 homes valued at $8.2 billion, underscoring the ongoing demand strength.
