- PulteGroup Inc (NYSE:PHM) reported fourth-quarter FY21 total revenue growth of 36.5% year-over-year to $4.36 billion, beating the consensus of $4.22 billion.
- Home sale revenues $4.22 billion (+38%) and Financial Services revenue $100.9 million (-4.8% Y/Y).
- Home sales revenues were driven by a 26% increase in closings to 8,611 homes and a 10% increase in average sales price to $490,000.
- Adjusted EPS improved to $2.51 compared to $1.53 in 4Q20, beating the consensus of $2.31.
- Home sale gross margin was 26.8% for the quarter, an increase of 180 bps, and the adjusted operating margin expanded by 280 bps to 18.1%.
- Net new orders decreased 4% Y/Y to 6,796 homes, reflecting a 14% reduction in community count. The value of net new orders increased 16% Y/Y to $3.8 billion.
- PulteGroup's unit backlog increased 19% Y/Y to 18,003 homes. At the end of the period, the backlog value was $9.9 billion (+45% Y/Y).
- PulteGroup generated cash from operating activities for FY21 of $1 billion, compared to $1.78 billion a year ago.
- The company approved a $1 billion increase to its share purchase authorization. As of December 31, 2021, the company had $458 million available under its prior share repurchase authorization.
- "Although ongoing supply chain disruptions continue to challenge our industry, we believe that our size, growing community count, and an available inventory of new homes have us well-positioned to grow our business in 2022 while continuing to deliver exceptional returns," said CEO Ryan Marshall.
- Price Action: PHM shares are trading higher by 2.49% at $54.00 during the premarket session on Tuesday.
