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Jun 30, 2020
PulteGroup Q2 2020 Earnings Report
PulteGroup's financial performance improved due to effectively adjusting business practices and a material acceleration in new home sales.
Key Takeaways
PulteGroup reported a strong second quarter with a 3% increase in home sale revenues to $2.5 billion and net income of $349 million, or $1.29 per share. The company benefited from a recovery in new home sales driven by low interest rates and a restricted supply of existing homes. They also repaid $700 million on its revolving credit facility, leaving $1.7 billion in cash.
Net income was $1.29 per share.
Home sale revenues increased 3% to $2.5 billion.
Homebuilding gross margin increased 80 basis points to 23.9%.
Backlog of 13,214 homes was up 12% with backlog value up 13% to $5.8 billion.
Revenue by Segment
Forward Guidance
The company is encouraged about the back half of 2020 and plans to provide guidance for the remainder of the year as part of our second quarter earnings call.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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