PulteGroup Q2 Net New Orders Rise 6%, Defying Housing Slowdown
PHM is trading near its 52-week low of $108.32 (14% above the low).
Summary
PulteGroup's Q2 net new orders rose 6% year-over-year, defying a housing slowdown, while home sale revenue fell 11% on an 8% decline in closings and lower prices. The home sale gross margin was 25%, and the company noted highly competitive market conditions with early signs of stabilization in select geographies. The bottom line retreated in Q2, following a Q1 that saw a 12% home sale revenue drop and a $1.5 billion buyback boost. Builder incentives or market adjustments may be gaining traction, with full Q2 earnings awaited to assess revenue recovery.
At the time of this announcement, PHM was trading at $123.38 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $23.7B. The 52-week trading range was $108.32 to $144.50. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.