PulteGroup (NYSE:PHM) has announced its earnings for the second quarter of 2024, showcasing significant growth across multiple financial metrics.
The homebuilding giant reported a robust 19% increase in earnings, reaching $3.83 per share, with home sale revenues climbing 10% to $4.4 billion.
The company also experienced a notable rise in home closings, which surged by 8% to a total of 8,097 homes, accompanied by a 2% increase in the average sales price, now standing at $549,000.
This growth was further bolstered by substantial gains in home sale gross margins, which escalated to 29.9%.
During the quarter, PulteGroup's strategic operations led to an accumulation of net new orders totaling 7,649 homes, valued at approximately $4.4 billion.
Interestingly, the company's unit backlog at the quarter's close came in at 12,982 homes with an estimated value of $8.1 billion.
In addition to these operational successes, PulteGroup demonstrated its financial acumen through significant capital management activities.
The firm repurchased $314 million of its common shares, alonside $300 million in senior notes during the quarter.
These transactions contributed to a solid closing cash balance of $1.4 billion, with a healthy debt-to-capital ratio of 12.8%.