PulteGroup(PHM) - 2024 Q4 - Annual Results

Financial Performance - PulteGroup reported net income of $913 million, or $4.43 per share, for Q4 2024, compared to $711 million, or $3.28 per share, in the prior year[2][3]. - Full year revenues reached nearly $18 billion, with net income of $3.1 billion and a return on equity of 27.5%[3]. - Net income for the year ended December 31, 2024, increased to $3,083,262, up 18.4% from $2,602,372 in 2023[25]. Home Sales and Orders - Home sale revenues in Q4 increased 13% to $4.7 billion, driven by a 6% increase in closings to 8,103 homes[5]. - The average selling price of homes closed in Q4 was $581,000, up 6% from $547,000 in the prior year[5]. - The company's net new orders for Q4 were 6,167 homes, valued at $3.5 billion, a 4% increase over last year[8]. - Home sale revenues for the year ended December 31, 2024, reached $17,318,521, a 10.9% increase from $15,598,707 in 2023[27]. - Total Homebuilding revenues for the year ended December 31, 2024, were $17,513,956, compared to $15,740,823 in 2023, reflecting a growth of 11.2%[27]. - The average selling price of homes increased to $555, up from $545 in 2023, indicating a 1.8% rise[29]. - Net new orders in dollars for the year ended December 31, 2024, totaled $16,493,524, a 8.2% increase from $15,244,353 in 2023[29]. Backlog and Inventory - The unit backlog stood at 10,153 homes, with a total value of $6.5 billion[6]. - The unit backlog decreased to 10,153 units as of December 31, 2024, down from 12,146 units in 2023[29]. Share Repurchase and Financial Management - PulteGroup repurchased $320 million of common shares in Q4, with a total of $1.2 billion repurchased in 2024, representing 4.7% of shares outstanding[11]. - The company announced a $1.5 billion increase to its share repurchase authorization, bringing the total remaining authorization to $2.1 billion[12]. Financial Services - Financial services operations generated pre-tax income of $51 million, a 16% increase from the prior year[9]. - Mortgage origination volume for the year ended December 31, 2024, was $19,770, an increase from $17,427 in 2023[31]. - The capture rate for mortgage originations improved to 85.9% in Q4 2024, compared to 81.6% in Q4 2023[31]. Cash and Debt Management - The company's cash and equivalents at the end of Q4 were $1.6 billion, with a debt-to-capital ratio of 11.8%[11]. - The debt-to-capital ratio improved to 11.8% in 2024, down from 15.9% in 2023, indicating reduced leverage[37]. - Cash provided by operating activities for the year ended December 31, 2024, was $1,680,794, down from $2,196,762 in 2023[25].