PulteGroup said its home sale revenues for Q2 2024 were higher than the prior year period by $389.2 million. The company attributed the increase to a 8% rise in closings and a 2% increase in average selling price. It said its home sale gross margin was 29.9%, compared with 29.6% a year earlier.

1. 01

   PulteGroup said its home sale revenues for Q2 2024 were higher than the prior year period by $389.2 million. The company attributed the increase to a 8% rise in closings and a 2% increase in average selling price. It said its home sale gross margin was 29.9%, compared with 29.6% a year earlier.

2. 02

   The company said net new orders for Q2 2024 decreased 4% in units and increased 2% in dollars. It cited moderating consumer demand in response to higher mortgage interest rates as the reason for the decline in unit orders.

3. 03

   The company said net cash provided by operating activities for the 6 months ended June 30, 2024 was $657.3 million. It said net income of $1.5 billion was partially offset by a net increase in inventories of $473.7 million.

4. 04

   The company declared cash dividends of $84.7 million in 2024 over 6 months and repurchased 5.1 million shares for $560.0 million. As of June 30, 2024, it had remaining authorization to repurchase $1.3 billion of common shares.

Key figures

Quarter ended June 30, 2024

Revenue

$4.6B

Net income

$809M

EPS

$3.83

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.