- Home sale revenues of $1.5B up 21% Y/Y. Selling prices up 11% to $300K. Adjusted gross margin of 25.5% up 390 basis points from a year ago, up 160 bps from Q2. Slowdown ahead: Net new orders of 3,781 homes off 17% from a year ago.
- SG&A expenses off 90 basis points to 9.3% of home sale revenue.
- Backlog of $2.4B up 8% Y/Y, and represents 7,522 homes vs. 7,688 homes a year ago.
- $83M of stock and $27M of debt repurchased in Q3. Debt-to-capital ratio of 31% down from 53% at year-end 2012.
- We believe the slowdown will ultimately prove to be short lived within a sustained, multiyear housing recovery," says the CEO, announcing a $200M boost in the annual land investment authorization for 2014 to $1.6B.
- Conference call at 8:30 ET.
- Q3 results, press release.
- PHM +2.5% premarket.
Revenues and margins higher at Pulte, but orders slump
Oct 24 2013, 07:53 ET