PulteGroup cuts Q3 closing guidance to 7,000 homes (+8% YoY) on supply chain disruptions

PULTEGROUP INC/MI/

Q3 closings expected ~7,000 homes, up 8% YoY; full year 29,250-29,750 homes, up 19-21%.
Q3 gross margin guided to 26.4%-26.6%; SG&A at 9.9% of home sale revenues.
Average Q3 community count down ~15% YoY; year-end down 5-10% from last year.
CEO cites increased shortages of building products impacting closing pace amid strong buyer demand.
Company reports updated guidance ahead of investor conferences; full Q3 results due Oct 26, 2021.

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