PulteGroup Q1 Revenue Falls 12.4% as Home Builders Post Mixed Results

Earnings

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Summary · why it matters

PulteGroup reported first-quarter revenues of $3.41 billion, a 12.4% decline from a year earlier, in line with analyst expectations but accompanied by a miss on earnings per share estimates. The results were part of a mixed quarter for the 12 home builders tracked, whose aggregate revenues missed consensus estimates by 0.6%. Taylor Morrison Home stood out with revenues of $1.39 billion, down 26.8% year on year but beating expectations by 4.1%, while NVR posted the weakest performance with revenues of $1.88 billion, down 21.7% and missing estimates by 7.8%. KB Home reported revenues of $1.08 billion, down 22.6% and missing estimates by 1.8%, and D.R. Horton reported revenues of $7.56 billion, down 2.3% and slightly below expectations. On average, the group's share prices have risen 2.9% since their latest earnings releases.