PulteGroup Earnings Cheat Sheet: Improving Economy is Creating New Jobs
S&P 500 (NYSE:SPY) component PulteGroup, Inc. (NYSE:PHM) reported its results for the first quarter. PulteGroup, Inc. is a publicly held holding company involved in the homebuilding and financial services businesses.
PulteGroup Earnings Cheat Sheet for the First Quarter
Results: Loss widened to $39.5 million (10 cents/diluted share) from a loss of $12.5 million or 3 cents per share.
Revenue: Fell 21.1% to $805.2 million YoY.
Actual vs. Wall St. Expectations: PHM beat the mean analyst estimate of a loss of 13 cents/share. Estimates ranged from a loss of 4 cents per share to a loss of 26 cents per share.
Quoting Management: “We are encouraged by traffic and orders within the quarter which showed sequential increases from month-to-month, while we exceeded internal forecasts for the period on key business drivers including net new home orders and margins,” said Richard J. Dugas, Jr., PulteGroup Chairman, President and CEO. “An improving economy is slowly beginning to generate new jobs which over the long term should translate into stronger consumer confidence, both of which are critical to a meaningful and sustained recovery in the U.S. housing industry.”
Companies to Watch: D.R. Horton, Inc. (NYSE:DHI), Lennar Corporation (NYSE:LEN), The Ryland Group, Inc. (NYSE:RYL), Toll Brothers, Inc. (NYSE:TOL), KB Home (NYSE:KBH), M.D.C. Holdings, Inc. (NYSE:MDC), Orleans Homebuilders (OHBIQ), Hovnanian Enterprises, Inc. (NYSE:HOV), Standard Pacific Corp. (NYSE:SPF), Home Depot (NYSE:HD), Lowe’s (NYSE:LOW) and Comstock Homebuilding Companies, Inc. (NASDAQ:CHCI).
Today’s Performance: Shares of PHM are trading at $8.21 as of April 28, 2011 at 8:35 AM ET, up 2.8% from the previous close.