Pulte flies after results

|By:, SA News Editor

PulteGroup (PHM) zips up 5% premarket after easily beating bottom line estimates as higher prices (and margins) offset a slowing sales pace. Expecting the housing recovery to continue this year, the company boosts its authorization for land spend to $2B this year.

More on operations: Home sale revenues of $1.6B up 9% Y/Y as closings fell 4% to 4,964 homes. Adjusted gross margin of 27.7% Is up 590 basis points from a year ago.

3,214 net new orders, off 18% from a year ago. Dollar value of $1.1B compares to $1.2B a year ago.

Backlog of 5,772 homes valued at $1.9B compares to 6,458 homes and $1.9B last year.

2M shares repurchased for $35M. Ending year cash balance of $1.7B and debt-to-capitalization ratio of 31% is off from 53% a year ago.

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