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Core Viewpoint - PulteGroup (PHM) has shown significant stock performance, with an 18.1% increase over the past month and a 25.9% rise since the beginning of the year, outperforming both the Zacks Construction sector and the Zacks Building Products - Home Builders industry [1] Group 1: Stock Performance - PulteGroup shares reached a new 52-week high of $130.93 in the previous session [1] - The stock has outperformed the Zacks Construction sector, which increased by 16.8%, and the Zacks Building Products - Home Builders industry, which rose by 20.8% [1] Group 2: Earnings Performance - PulteGroup has consistently exceeded earnings expectations, not missing the consensus estimate in the last four quarters [2] - In the latest earnings report on July 23, 2024, the company reported EPS of $3.58, surpassing the consensus estimate of $3.21, and beat the revenue estimate by 2.72% [2] - For the current fiscal year, PulteGroup is projected to achieve earnings of $13.20 per share on revenues of $17.37 billion, reflecting a 12.63% increase in EPS and an 8.13% increase in revenues [2] - For the next fiscal year, expected earnings are $13.54 per share on revenues of $18.28 billion, indicating a year-over-year change of 2.56% in EPS and 5.26% in revenues [2] Group 3: Valuation Metrics - PulteGroup has a Value Score of A, a Growth Score of B, and a Momentum Score of C, resulting in a combined VGM Score of B [3] - The stock trades at 9.9X current fiscal year EPS estimates, aligning with the peer industry average of 9.9X, and at 10.3X trailing cash flow, compared to the peer group's average of 9.6X [4] - The PEG ratio stands at 0.52, indicating that while the stock is not in the top echelon from a value perspective, it still holds a favorable position [4] Group 4: Zacks Rank - PulteGroup holds a Zacks Rank of 2 (Buy), driven by rising earnings estimates [5] - The stock meets the criteria for selection, as it carries a Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, suggesting potential for further growth in the near term [5]

证券研究报告 ＃industryId＃ 房地产 ＃investSuggestion＃ ＃ PHM.N ＃普dy尔Com特pa房ny＃屋(PULTE) ＃title＃ 季度业绩稳健增长 ＃createTime1＃ 2024 年 07 月 24 日 无评级 ＃ investSug gestionCh ange＃ ＃市场ma数rk据etData＃ 市场数据日期 2024.07.23 收盘价（美元） 125.67 总股本（亿股） 2.08 总市值（亿美元） 264.34 净资产（亿美元） 112.23 总资产（亿美元） 165.44 每股净资产(美元) 53.98 数据来源：Wind，兴业证券经济与金融研究院整理 ＃相关rel报ate告dReport＃ 《季度业绩符合预期，回购分红 积极回报股东》20240508 《提升每股派息，回购计划扩 容》20240202 songjian@xyzq.com.cn SFC：BMV912 SAC：S0190518010002 我们的观点：公司保持稳健的经营和业绩增长，资本配置兼顾企业发展 和股东回报。强劲的现金流和充足的土储既能满足企业的发展，又能积 极通过回购和分红来回报股东。 ...

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents PulteGroup's unaudited financial statements for Q2 and H1 2024, including balance sheets, operations, equity, cash flows, MD&A, market risk, and internal controls disclosures [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The financial statements detail PulteGroup's financial position and performance, showing $16.5 billion in total assets, $4.6 billion in Q2 revenues, and $1.47 billion in H1 net income, alongside equity changes and cash flows | Financial Metric | June 30, 2024 (Unaudited) (in thousands of USD) | December 31, 2023 (in thousands of USD) | | :--- | :--- | :--- | | Total cash, cash equivalents, and restricted cash | $1,445,966 | $1,849,177 | | House and land inventory | $12,302,301 | $11,795,370 | | Total Assets | $16,544,069 | $16,087,050 | | Notes payable | $1,650,178 | $1,962,218 | | Total Shareholders' equity | $11,222,823 | $10,383,257 | | Metric (Q2) | 2024 (in thousands of USD) | 2023 (in thousands of USD) | % Change | | :--- | :--- | :--- | :--- | | Total revenues | $4,599,655 | $4,188,753 | +9.8% | | Net income | $809,133 | $720,345 | +12.3% | | Diluted EPS | $3.83 | $3.21 | +19.3% | | Metric (Six Months) | 2024 (in thousands of USD) | 2023 (in thousands of USD) | % Change | | :--- | :--- | :--- | :--- | | Total revenues | $8,548,815 | $7,764,394 | +10.1% | | Net income | $1,472,109 | $1,252,604 | +17.5% | | Diluted EPS | $6.93 | $5.55 | +24.9% | | Activity (Six Months Ended June 30) | 2024 (in thousands of USD) | 2023 (in thousands of USD) | | :--- | :--- | :--- | | Net cash provided by operating activities | $657,264 | $1,450,583 | | Net cash used in investing activities | ($66,201) | ($53,996) | | Net cash used in financing activities | ($994,274) | ($713,360) | | Net (decrease) increase in cash | ($403,211) | $683,227 | - For the six months ended June 30, 2024, the company repurchased **5.1 million shares** for **$560.0 million** and declared dividends of **$84.7 million**, compared to repurchasing **6.4 million shares** for **$400.0 million** and declaring dividends of **$71.8 million** in the same period of 2023[77](index=77&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses weakening demand in Q2 2024 due to higher interest rates, improved production efficiency, and strong liquidity, detailing performance across Homebuilding and Financial Services segments - Demand for new homes began to weaken during the second quarter of 2024, with net new orders decreasing **4% YoY** for the quarter, attributed to challenged affordability from higher interest rates, price increases, and inflation[107](index=107&type=chunk) - The company improved production efficiency, with home construction time approximately **nine weeks shorter** at the end of Q2 2024 compared to the prior year, contributing to an **8% increase in Q2 closings**[109](index=109&type=chunk) | Metric | Q2 2024 (in millions of USD) | Q2 2023 (in millions of USD) | % Change | | :--- | :--- | :--- | :--- | | Home sale revenues | $4,448.2 | $4,058.9 | +10% | | Gross margin from home sales | 29.9% | 29.6% | +30 bps | | Closings (units) | 8,097 | 7,518 | +8% | | Net new orders (units) | 7,649 | 7,947 | -4% | | Backlog (units) | 12,982 | 13,558 | -4% | - The company maintains a strong liquidity position with **$1.4 billion in cash and equivalents** and **$952.6 million available** under its Revolving Credit Facility as of June 30, 2024, with the debt-to-total capitalization ratio improving to **12.8%** from **15.9%** at year-end 2023[154](index=154&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) PulteGroup's primary market risk is interest rate fluctuations affecting its $1.66 billion fixed-rate and $524 million variable-rate debt, with no material changes from the prior year-end report | Debt Type | Total Principal (in thousands of USD) | Fair Value (in thousands of USD) | Weighted-Avg Interest Rate | | :--- | :--- | :--- | :--- | | Fixed rate debt | $1,657,048 | $1,734,524 | 6.04% | | Variable rate debt | $524,042 | $524,042 | 7.14% | - The company is subject to market risk from interest rate fluctuations, primarily impacting the fair value of fixed-rate debt and the earnings and cash flows related to variable-rate debt[182](index=182&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting - The President and CEO, along with the Executive VP and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2024[189](index=189&type=chunk) - No changes occurred during the quarter ended June 30, 2024, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[189](index=189&type=chunk) [PART II OTHER INFORMATION](index=38&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides supplementary information, confirming no material developments in legal proceedings or risk factors, detailing Q2 2024 share repurchase activity, and listing exhibits [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material developments regarding legal proceedings since its Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material developments in legal proceedings since the 2023 year-end 10-K filing[190](index=190&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) The company states there have been no material changes to its risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes have occurred in the company's risk factors since the 2023 year-end 10-K filing[191](index=191&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activities, with 2.76 million shares bought back in Q2 2024, and $1.3 billion remaining for future repurchases | Period | Total Shares Purchased | Average Price Paid (USD) | | :--- | :--- | :--- | | April 2024 | 758,165 | $111.83 | | May 2024 | 1,025,947 | $116.20 | | June 2024 | 976,727 | $112.79 | | **Q2 Total** | **2,760,839** | **$113.79** | - As of June 30, 2024, **$1.3 billion** remained under the company's share repurchase authorization, which was increased by **$1.5 billion** on January 30, 2024, and has no expiration date[194](index=194&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) The company reports that no director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2024 - No director or officer of the company adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[192](index=192&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, debt instruments, certifications, and XBRL data files

PulteGroup Inc. (PHM) reported stellar results in second-quarter 2024, wherein earnings and revenues handily beat the Zacks Consensus Estimate.In the second quarter of 2024, PulteGroup saw significant benefits from key factors driving its success. The company's balanced operating model resulted in increases in closings, average sales price, and gross margin, which collectively led to a 19.3% increase in earnings per share (EPS). Strong cash flows provided the flexibility to invest in business growth, return ...

krblokhin PulteGroup, Inc. (NYSE:PHM) has been a strong performer over the past year, rising over 55%, as the housing market has proven resilient amid substantially higher interest rates. On Tuesday, Pulte reported solid earnings, but shares dropped 2% in response, likely as its strong rally has caused some profit taking. I last covered Pulte in April, rating shares a buy. Since that recommendation, PHM has rallied 8%, a solid total return, but a bit below the market’s 9% rally. Seeking Alpha In the c ...

Financial Data and Key Metrics Changes - PulteGroup reported second quarter home sale revenues of $4.4 billion, a 10% increase from the same period in 2023, driven by an 8% increase in closings to 8,097 homes and a 2% increase in average sales price to $549,000 [14][23] - Earnings per share reached a record $3.83, reflecting a 19% increase year-over-year [7][23] - Return on equity for the trailing 12-month period was 27.1% [7] Business Line Data and Key Metrics Changes - The average sales price for homes was $549,000, with product options and lot premiums averaging $104,000 per home, representing approximately 19% of the average sales price [8][14] - Closings in the second quarter consisted of 40% first-time buyers, 37% move-up buyers, and 23% active adult buyers, compared to 41%, 34%, and 25% respectively in the same quarter last year [15] - Net new orders decreased by 4% year-over-year, with a notable 17% decrease among active adult buyers [15][17] Market Data and Key Metrics Changes - The company noted a supply imbalance in the housing market, with existing homeowners reluctant to sell due to low-rate mortgages, contributing to a housing deficit of several million homes [9][10] - Inventory levels in Southwest Florida approached nine months, indicating a slight oversupply, while markets in Texas also showed increased inventory levels [40][60] - The company observed a cautious buyer sentiment due to high prices and interest rates, impacting demand [11][60] Company Strategy and Development Direction - PulteGroup aims to balance price, pace, and investment to generate superior returns, focusing on turning assets efficiently [6][12] - The company is increasing its use of land bankers to build a more efficient land pipeline, with lots controlled via option increasing to 53% of total lots [12][25] - The company expects to close approximately 31,000 homes for the full year and aims for a growth rate of 5% to 10% in 2025 [13][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term housing demand trends despite short-term fluctuations in buyer demand [10][11] - The company anticipates a challenging environment in the second half of the year, with expected gross margins of approximately 29% in Q3 and 28.5% to 29% in Q4 [21][62] - Management highlighted the importance of adjusting pricing and incentives to meet buyer needs in a competitive market [11][66] Other Important Information - The company repurchased 2.8 million shares at a cost of $314 million in Q2, with a total of 5.1 million shares repurchased year-to-date [25][26] - PulteGroup's debt-to-capital ratio is now 12.8%, the lowest level since before acquiring Del Webb in 2001 [26] - Fitch upgraded the company's debt rating to BBB+, and Moody's upgraded its outlook to positive [26] Q&A Session Summary Question: Gross margin outlook and land banking impact - Management indicated that the West region's lower margins are factored into the margin guidance for Q3 and Q4, with a potential 200 to 300 basis point trade-off between margin and return as land banking increases [33][34] Question: Cycle times and ICG update - Cycle times for closings were reported at 123 days, with some divisions achieving below the 100-day target [35][36] - ICG is performing well, with plans for a third plant being finalized [37] Question: Inventory levels in Florida and Texas - Management noted elevated inventory levels in Southwest Florida and parts of Texas but does not consider it concerning, expecting a market adjustment [40][41] Question: Cash flow and share repurchase plans - The cash flow guidance remains at $1.8 billion, with management indicating continued share repurchases [42][43] Question: Impact of potential rate cuts on gross margin - Management stated that the impact of lower rates would depend on the economic context, with potential for margins to benefit if rates decrease in a healthy economy [45][46] Question: Stick and brick costs and inflation outlook - Stick and brick costs were reported at $80 per square foot, with expectations of manageable inflation in the low single digits for the remainder of the year [47][48] Question: Balance sheet and leverage considerations - Management emphasized the importance of capital allocation needs over leverage, indicating a preference for lower debt levels while still pursuing strategic investments [55][57]

PulteGroup (PHM) came out with quarterly earnings of $3.58 per share, beating the Zacks Consensus Estimate of $3.21 per share. This compares to earnings of $3 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.53%. A quarter ago, it was expected that this homebuilder would post earnings of $2.36 per share when it actually produced earnings of $2.87, delivering a surprise of 21.61%.Over the last four quarters, the company has s ...

FOR IMMEDIATE RELEASE Company Contact Investors: Jim Zeumer (404) 978-6434 Email: jim.zeumer@pultegroup.com PULTEGROUP REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS • Earnings Increased 19% to $3.83 Per Share • Home Sale Revenues Increased 10% to $4.4 Billion • Closings Increased 8% to 8,097 Homes; Average Sales Price Increased 2% to $549,000 • Home Sale Gross Margin Increased 30 Basis Points to 29.9% • Net New Orders Totaled 7,649 Homes with a Value of $4.4 Billion • Unit Backlog of 12,982 Homes with a Val ...

PulteGroup, Inc.’s (PHM) Homebuilding segment, which accounted for more than 98% of total revenues in 2023, is expected to have increased year over year when PHM reports second-quarter 2024 results on Jul 23.Despite challenges, PulteGroup showcased a robust performance so far this year, witnessing a stock surge of 20.9%. This growth has outpaced the Zacks Building Products - Home Builders industry's increase of 16.2%. The company's strategic focus on entry-level buyers, liquidity management, resilient opera ...