Net income of $75M or $0.19 per share falls from $82M or $0.21 per share thanks to this year's Q1 tax rate of 42% - higher than expected as the result of deferred tax expense associated with changes in certain state income taxes.
Home sale revenue of $1.1B about flat from a year ago, with a 10% increase in selling price to $317K offsetting a 10% decline in closings to 3,436 homes. Gross margin of 23.8% up 580 bps. SG&A expense of $144M of 13.3% of sales vs. $129M or 11.8% of sales.
Net new orders of 4,863 homes down 6% Y/Y. Dollar value of new orders of $1.6B up 2%. Backlog of 7,199 homes valued at $2.4B vs. 7,825 homes valued at $2.4B.
Financial services operations pretax income of $22M up from $14M one year ago.
2.2M shares repurchased during Q at average price of $19.95 per share.
"We are pleased with the start of the spring selling season, as absorption paces per community improved from year ago levels and demand accelerated through the quarter."
CC is going on right now.
PHM +3.4% premarket
Previously: PulteGroup misses by $0.01, misses on revenue