PulteGroup, Inc. (NYSE:PHM) reported fourth-quarter results Thursday, delivering adjusted earnings and revenue that topped analyst expectations.
The homebuilder reported net income of $502 million, or $2.56 per share, while adjusted EPS of $2.88 beat the $2.81 estimate. Sales of $4.611 billion exceeded the $4.322 billion estimate and were up from $4.922 billion in the prior-year period.
Homebuilding revenue totaled $4.517 billion, compared with $4.807 billion a year earlier. Home sale revenues were $4.478 billion versus $4.708 billion.
Land sale and other revenues declined to $39.419 million from $99.108 million, and closings fell 3% to 7,821 homes, and the average selling price declined 1% to $573,000.
Reported home sale gross margin was 24.7% and includes $35 million, or 80 basis points, of land impairment charges, compared with 27.5% in the prior year.
Homebuilding SG&A expense was $389 million, or 8.7% of home sale revenues, and includes the insurance benefit of $34 million recorded in the period, compared with $196 million, or 4.2% of home sale revenues, in the fourth quarter of 2024, …