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    Home»Investing»Homebuilder PulteGroup’s profit tops estimates amid demand for new properties By Investing.com
    Investing

    Homebuilder PulteGroup’s profit tops estimates amid demand for new properties By Investing.com

    October 22, 20242 Mins Read


    Investing.com — Homebuilder PulteGroup (NYSE:) posted better-than-anticipated profits in the third quarter as demand grew for its properties and prices were driven higher by a shortage in existing homes.

    With the popular 30-year fixed mortgage rate recently hovering at elevated levels, many US homeowners who locked in more favorable borrowing costs during a time of cheaper debt have decided to stay put rather than buy a new house at a higher interest rate.

    The supply of existing homes has subsequently remained depressed, forcing prospective buyers to consider new builds despite an uptick in prices.

    Homebuilders like PulteGroup have been a key beneficiary of the trend. In the quarter ended on Sept. 30, the company reported net income of $698 million, an uptick of 9.3% compared to the year-ago period.

    The figure translated to diluted earnings per share of $3.35, topping Bloomberg consensus estimates. Total revenue, meanwhile, climbed by 11.8% to $4.48 billion, also above expectations.

    Fueling the returns was a 12% jump in the number of home sales completed to 7,924 units, while the average selling price was “effectively unchanged” versus the prior year at $548,000. The value of PulteGroup’s net new orders came in at $3.9 billion, or 3% uptick over the prior year.

    In a statement, PulteGroup Chief Executive Officer Ryan Marshall said the Federal Reserve’s decision to slash interest rates by an outsized 50 basis points in September — and projections for further cuts this year — should provide “a powerful tool in helping to address the affordabliity challenge faced by today’s homebuyers.”

    Marshall added the business is “well-positioned to deliver a record year of earnings.”

    Shares in PulteGroup rose by more than 1% in premarket US trading on Tuesday. They have jumped by more than 42% so far this year.





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