PulteGroup reported second-quarter earnings and revenue that exceeded Wall Street expectations, even as high mortgage rates continued to pressure housing demand. GAAP earnings per share came in at $2.48, beating the consensus estimate of $2.36 but down from $3.03 a year earlier. Total revenue of $3.98 billion edged past the $3.97 billion consensus, declining from $4.40 billion in the prior-year quarter. Home closings fell 8% year-over-year to 6,997, while the average selling price dipped to $544,000 from $559,000 a year ago. New orders rose 6% to 7,536 homes with a value of $4.08 billion, and the unit backlog stood at 10,966 homes valued at $6.80 billion at quarter-end. Home sales gross margin improved sequentially to 25.0% from 24.4% in the first quarter but contracted from 27.0% a year earlier. The company did not provide full-year guidance.
PulteGroup IncEarnings and revenue beat estimates despite affordability headwinds.