PulteGroup said home sale revenues for 2024 were $1.7 billion higher than 2023, or 11%. The company attributed the increase to a 9% increase in closings combined with a 2% increase in average selling price.

1. 01

   PulteGroup said home sale revenues for 2024 were $1.7 billion higher than 2023, or 11%. The company attributed the increase to a 9% increase in closings combined with a 2% increase in average selling price.

2. 02

   PulteGroup said home sale gross margins were 28.9% in 2024 and 29.3% in 2023, while SG&A as a percentage of home sale revenues was 7.6% in 2024 and 8.4% in 2023. The company cited insurance reserve reversals of $333.9 million in 2024 as a factor that partially offset the SG&A increase.

3. 03

   PulteGroup said net cash used in financing activities was $1.8 billion in 2024. The primary items were the repurchase of 10.1 million common shares for $1.2 billion, cash dividends of $167.7 million, and debt repayments of $355.8 million.

4. 04

   PulteGroup said net new orders in 2024 increased 2% in units and 8% in dollars. The company cited decreased demand in the second half of 2024 as mortgage interest rates increased and improved construction cycle times as factors in the 11% decrease in ending backlog dollars compared with 2023.

Key figures

Fiscal year ended December 31, 2024

Revenue

$17.9B

Net income

$3.1B

EPS

$14.69

Operating cash flow

$1.7B

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.