Bringing Neighbors Together

Pulte 1st Quarter 2013 Financial Results

pultelogoNow that Glenbrooke is nearly built out, the economic health of Pulte may be of less interest to homeowners. That's too bad, because they are starting out the year with impressive results. At the end of the quarter they are sitting on over $1.5 billion in cash, and in the last 90 days they sold over a billion dollars in homes.
They closed over 3800 homes at an average price of $287,000, with a gross margin of 18%. And that is while having fewer developments being marketed ( 650 versus 753 a year ago). Also of interest was that sales prices in the northern region (to which we belong) were up 15% in the past year.

A few quotes from their latest 10-Q -

The overall housing market continues to gain strength as the combination of low interest rates and affordable home prices have kept monthly mortgage payments very affordable relative to the rental market. In addition to increasing sales volumes in many parts of the U.S., house prices have also been increasing as the result of the increased demand and low supply of existing and new home inventory in many markets. Overall, we have experienced increased traffic and sales paces and have been able to raise prices in many of our communities.

... factors combined to result in our fourth consecutive quarter with income before income taxes. Net new orders, closings, revenues, gross margin, and overhead leverage all improved in the first quarter of 2013 over the prior year first quarter. During the quarter, our net new orders increased 4% over the prior year despite 14% fewer active communities, and our backlog (in dollars) ended the quarter 52% higher than at the same point in the prior year as the stronger demand environment we saw in 2012 carried into the spring selling season of 2013.

The stock price reflects this progress, more than doubling in the last year.


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