PulteGroup(US:PHM)2024-10-22 11:37Financial Performance - Earnings increased 16% to $3.35 per share compared to $2.90 per share in the prior year period[1] - Net income for the nine months ended September 30, 2024, was $2,170,023, an increase of 14.8% compared to $1,891,379 for the same period in 2023[15] - Home sale revenues for the three months ended September 30, 2024, reached $4,343,227, up 11.7% from $3,886,908 in the same period of 2023[17] - Total Homebuilding revenues for the nine months ended September 30, 2024, were $12,707,308, representing a 10.1% increase from $11,541,051 in the prior year[17] - Financial services operations generated pre-tax income of $55 million, a 90% increase from $29 million in the prior year[4] Home Sales and Orders - Home sale revenues rose 12% to $4.3 billion, driven by a 12% increase in closings to 7,924 homes[3] - Net new orders totaled 7,031 homes valued at $3.9 billion, reflecting a 3% increase over the previous year[3] - The average selling price of homes closed was $548,000, effectively unchanged from the prior year[3] - The average selling price for homes sold in the three months ended September 30, 2024, was $548,000, slightly down from $549,000 in the same period of 2023[19] Backlog and Inventory - The unit backlog at the end of the quarter was 12,089 homes with a total value of $7.7 billion[4] - The unit backlog at the end of September 2024 was 12,089 units, down from 13,547 units at the end of September 2023[19] Cash and Debt Management - The company ended the quarter with $1.5 billion in cash and a debt-to-capital ratio of 12.3%[5] - Cash provided by operating activities for the nine months ended September 30, 2024, was $1,113,184, a decrease from $1,908,344 in the same period of 2023[15] - Cash, cash equivalents, and restricted cash at the end of the period were $1,455,136, down from $1,899,561 at the end of September 30, 2023[15] - The company reported a net cash used in financing activities of $1,398,875 for the nine months ended September 30, 2024, compared to $1,008,305 in the same period of 2023[15] - As of September 30, 2024, the debt-to-capital ratio is 12.3%, down from 15.9% on December 31, 2023[25] - Total net debt as of September 30, 2024, is $168,550, compared to $113,041 on December 31, 2023[25] - Total capital increased to $13,187,899 as of September 30, 2024, from $12,345,475 on December 31, 2023[25] - Shareholders' equity rose to $11,564,213 as of September 30, 2024, up from $10,383,257 on December 31, 2023[25] - Total cash, cash equivalents, and restricted cash decreased to $1,455,136 as of September 30, 2024, from $1,849,177 on December 31, 2023[25] Mortgage Operations - Mortgage origination volume for the three months ended September 30, 2024, was 5,005 units, compared to 4,362 units in the same period of 2023, reflecting a 14.7% increase[21] - The capture rate for mortgage originations improved to 86.7% in the three months ended September 30, 2024, up from 83.5% in the same period of 2023[21] Non-GAAP Financial Measures - The company believes that its non-GAAP financial measures provide relevant information for evaluating profitability and liquidity[24] - The company uses debt-to-capital and net debt-to-capital ratios as indicators of overall leverage[24] - The report includes a reconciliation of non-GAAP financial measures related to debt-to-capital ratios[24] - The company emphasizes the importance of understanding the methods used by other companies in the homebuilding industry for calculating debt-to-capital ratios[24]