PulteGroup Q1 EPS $1.83 beats prior adjusted $1.28; home sale revenue up 18% to $3.1B

PULTEGROUP INC/MI/

2022-Q1 EPS reported $1.83 revenue$3,187,615,000

Net income of $1.83/share, up 43% from prior-year adjusted $1.28; GAAP prior-year $1.13.
Home sale revenues $3.1B (+18% YoY); closings 6,039 homes (flat); avg price $508K (+18%).
Home sale gross margin 29.0%, up 350 bps YoY and 220 bps from Q4 2021.
Net new orders down 19% to 7,971 homes; backlog 19,935 homes valued at $11.5B.
Repurchased 10.3M shares (4% of outstanding) for $500M; Moody's upgraded rating to Baa2.

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