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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PulteGroup Inc | NYSE:PHM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.30 | -1.10% | 116.38 | 118.69 | 116.28 | 118.56 | 1,254,406 | 01:00:00 |
Michigan | 1-9804 | 38-2766606 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
PULTEGROUP, INC. | |||||
Date: | July 23, 2015 | By: | /s/ Steven M. Cook | ||
Name: | Steven M. Cook | ||||
Title: | Senior Vice President, | ||||
General Counsel | |||||
and Secretary | |||||
FOR IMMEDIATE RELEASE | Company Contact |
Investors: Jim Zeumer | |
(404) 978-6434 | |
Email: jim.zeumer@pultegroup.com | |
• | Reported Q2 Net Income of $103 Million, or $0.28 Per Share, Inclusive of a $0.05 Per Share Benefit Relating to a Legal Settlement in the Period |
• | Home Sale Gross Margin of 23.3%, Up 60 Basis Points From Q1 2015 |
• | Dollar Value of Net New Orders Increased 11% to $1.8 Billion; Units Up 7% to 5,118 Homes |
• | Q2 Backlog of 8,998 Homes Valued at $3.1 Billion, Highest Values Since 2007 |
• | Company Repurchased $213 Million of Stock and Retired $238 Million of Debt in the Quarter |
PulteGroup, Inc. Consolidated Results of Operations ($000's omitted, except per share data) (Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Homebuilding | |||||||||||||||
Home sale revenues | $ | 1,243,077 | $ | 1,246,462 | $ | 2,331,235 | $ | 2,334,477 | |||||||
Land sale revenues | 6,460 | 8,527 | 24,002 | 14,511 | |||||||||||
1,249,537 | 1,254,989 | 2,355,237 | 2,348,988 | ||||||||||||
Financial Services | 30,754 | 31,198 | 58,352 | 56,093 | |||||||||||
Total revenues | 1,280,291 | 1,286,187 | 2,413,589 | 2,405,081 | |||||||||||
Homebuilding Cost of Revenues: | |||||||||||||||
Home sale cost of revenues | 953,280 | 952,692 | 1,794,425 | 1,781,295 | |||||||||||
Land sale cost of revenues | 5,312 | 6,832 | 18,691 | 11,843 | |||||||||||
958,592 | 959,524 | 1,813,116 | 1,793,138 | ||||||||||||
Financial Services expenses | 20,767 | 22,114 | 43,308 | 25,436 | |||||||||||
Selling, general and administrative expenses | 130,119 | 229,767 | 291,431 | 374,655 | |||||||||||
Other expense, net | 4,998 | 9,324 | 6,134 | 23,155 | |||||||||||
Interest income | (856 | ) | (1,115 | ) | (1,955 | ) | (2,226 | ) | |||||||
Interest expense | 208 | 203 | 395 | 416 | |||||||||||
Equity in earnings of unconsolidated entities | (1,164 | ) | (1,311 | ) | (2,271 | ) | (7,202 | ) | |||||||
Income before income taxes | 167,627 | 67,681 | 263,431 | 197,709 | |||||||||||
Income tax expense | 64,303 | 25,801 | 105,136 | 81,010 | |||||||||||
Net income | $ | 103,324 | $ | 41,880 | $ | 158,295 | $ | 116,699 | |||||||
Per share: | |||||||||||||||
Basic earnings | $ | 0.28 | $ | 0.11 | $ | 0.43 | $ | 0.31 | |||||||
Diluted earnings | $ | 0.28 | $ | 0.11 | $ | 0.43 | $ | 0.30 | |||||||
Cash dividends declared | $ | 0.08 | $ | 0.05 | $ | 0.16 | $ | 0.10 | |||||||
Number of shares used in calculation: | |||||||||||||||
Basic | 361,009 | 376,072 | 363,863 | 377,410 | |||||||||||
Effect of dilutive securities | 3,232 | 3,592 | 3,297 | 3,703 | |||||||||||
Diluted | 364,241 | 379,664 | 367,160 | 381,113 |
PulteGroup, Inc. Condensed Consolidated Balance Sheets ($000's omitted) (Unaudited) | |||||||
June 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Cash and equivalents | $ | 460,361 | $ | 1,292,862 | |||
Restricted cash | 17,174 | 16,358 | |||||
House and land inventory | 4,888,560 | 4,392,100 | |||||
Land held for sale | 88,513 | 101,190 | |||||
Land, not owned, under option agreements | 98,264 | 30,186 | |||||
Residential mortgage loans available-for-sale | 269,544 | 339,531 | |||||
Investments in unconsolidated entities | 40,232 | 40,368 | |||||
Other assets | 561,034 | 513,032 | |||||
Intangible assets | 116,665 | 123,115 | |||||
Deferred tax assets, net | 1,617,609 | 1,720,668 | |||||
$ | 8,157,956 | $ | 8,569,410 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Accounts payable | $ | 290,436 | $ | 270,516 | |||
Customer deposits | 217,315 | 142,642 | |||||
Accrued and other liabilities | 1,292,321 | 1,343,774 | |||||
Income tax liabilities | 48,774 | 48,722 | |||||
Financial Services debt | 119,271 | 140,241 | |||||
Senior notes | 1,583,580 | 1,818,561 | |||||
3,551,697 | 3,764,456 | ||||||
Shareholders' equity | 4,606,259 | 4,804,954 | |||||
$ | 8,157,956 | $ | 8,569,410 |
PulteGroup, Inc. Consolidated Statements of Cash Flows ($000's omitted) (Unaudited) | |||||||
Six Months Ended | |||||||
June 30, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 158,295 | $ | 116,699 | |||
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | |||||||
Deferred income tax expense | 103,059 | 85,028 | |||||
Depreciation and amortization | 21,853 | 18,904 | |||||
Share-based compensation expense | 14,654 | 16,797 | |||||
Equity in earnings of unconsolidated entities | (2,271 | ) | (7,202 | ) | |||
Distributions of earnings from unconsolidated entities | 1,500 | 4,777 | |||||
Loss on debt retirements | — | 8,584 | |||||
Other non-cash, net | 10,090 | 6,649 | |||||
Increase (decrease) in cash due to: | |||||||
Restricted cash | (4,526 | ) | (726 | ) | |||
Inventories | (485,676 | ) | (249,861 | ) | |||
Residential mortgage loans available-for-sale | 70,123 | 64,672 | |||||
Other assets | (57,054 | ) | (15,709 | ) | |||
Accounts payable, accrued and other liabilities | (21,202 | ) | 38,539 | ||||
Income tax liabilities | 52 | (12,869 | ) | ||||
Net cash provided by (used in) operating activities | (191,103 | ) | 74,282 | ||||
Cash flows from investing activities: | |||||||
Distributions from unconsolidated entities | 906 | 7,577 | |||||
Investments in unconsolidated entities | — | (9 | ) | ||||
Net change in loans held for investment | 9,634 | (6,791 | ) | ||||
Change in restricted cash related to letters of credit | 3,710 | (28,166 | ) | ||||
Proceeds from the sale of property and equipment | 400 | 98 | |||||
Capital expenditures | (23,115 | ) | (33,021 | ) | |||
Net cash provided by (used in) investing activities | (8,465 | ) | (60,312 | ) | |||
Cash flows from financing activities: | |||||||
Financial Services borrowings (repayments) | (20,970 | ) | (47,158 | ) | |||
Other borrowings (repayments) | (237,994 | ) | (240,133 | ) | |||
Stock option exercises | 7,222 | 5,789 | |||||
Share repurchases | (322,066 | ) | (103,711 | ) | |||
Dividends paid | (59,125 | ) | (38,152 | ) | |||
Net cash provided by (used in) financing activities | (632,933 | ) | (423,365 | ) | |||
Net increase (decrease) in cash and equivalents | (832,501 | ) | (409,395 | ) | |||
Cash and equivalents at beginning of period | 1,292,862 | 1,580,329 | |||||
Cash and equivalents at end of period | $ | 460,361 | $ | 1,170,934 | |||
Supplemental Cash Flow Information: | |||||||
Interest paid (capitalized), net | $ | (1,911 | ) | $ | (328 | ) | |
Income taxes paid (refunded), net | $ | (1,685 | ) | $ | (2,487 | ) |
PulteGroup, Inc. Segment Data ($000's omitted) (Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
HOMEBUILDING: | |||||||||||||||
Home sale revenues | $ | 1,243,077 | $ | 1,246,462 | $ | 2,331,235 | $ | 2,334,477 | |||||||
Land sale revenues | 6,460 | 8,527 | 24,002 | 14,511 | |||||||||||
Total Homebuilding revenues | 1,249,537 | 1,254,989 | 2,355,237 | 2,348,988 | |||||||||||
Home sale cost of revenues | 953,280 | 952,692 | 1,794,425 | 1,781,295 | |||||||||||
Land sale cost of revenues | 5,312 | 6,832 | 18,691 | 11,843 | |||||||||||
Selling, general and administrative expenses | 130,119 | 229,767 | 291,431 | 374,655 | |||||||||||
Equity in earnings of unconsolidated entities | (1,164 | ) | (1,287 | ) | (2,271 | ) | (7,157 | ) | |||||||
Other expense, net | 4,998 | 9,324 | 6,134 | 23,155 | |||||||||||
Interest income, net | (648 | ) | (912 | ) | (1,560 | ) | (1,810 | ) | |||||||
Income before income taxes | $ | 157,640 | $ | 58,573 | $ | 248,387 | $ | 167,007 | |||||||
FINANCIAL SERVICES: | |||||||||||||||
Income before income taxes | $ | 9,987 | $ | 9,108 | $ | 15,044 | $ | 30,702 | |||||||
CONSOLIDATED: | |||||||||||||||
Income before income taxes | $ | 167,627 | $ | 67,681 | $ | 263,431 | $ | 197,709 |
PulteGroup, Inc. Segment Data, continued ($000's omitted) (Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Home sale revenues | $ | 1,243,077 | $ | 1,246,462 | $ | 2,331,235 | $ | 2,334,477 | |||||||
Closings - units | |||||||||||||||
Northeast | 316 | 346 | 564 | 689 | |||||||||||
Southeast | 772 | 785 | 1,384 | 1,432 | |||||||||||
Florida | 597 | 623 | 1,198 | 1,190 | |||||||||||
Texas | 754 | 885 | 1,500 | 1,666 | |||||||||||
North | 828 | 678 | 1,563 | 1,308 | |||||||||||
Southwest | 477 | 481 | 900 | 949 | |||||||||||
3,744 | 3,798 | 7,109 | 7,234 | ||||||||||||
Average selling price | $ | 332 | $ | 328 | $ | 328 | $ | 323 | |||||||
Net new orders - units | |||||||||||||||
Northeast | 443 | 380 | 880 | 824 | |||||||||||
Southeast | 1,041 | 880 | 1,979 | 1,704 | |||||||||||
Florida | 805 | 774 | 1,716 | 1,624 | |||||||||||
Texas | 993 | 1,139 | 2,110 | 2,311 | |||||||||||
North | 1,084 | 988 | 2,080 | 1,880 | |||||||||||
Southwest | 752 | 617 | 1,492 | 1,298 | |||||||||||
5,118 | 4,778 | 10,257 | 9,641 | ||||||||||||
Net new orders - dollars (a) | $ | 1,766,848 | $ | 1,594,408 | $ | 3,475,238 | $ | 3,202,814 | |||||||
Unit backlog | |||||||||||||||
Northeast | 777 | 756 | |||||||||||||
Southeast | 1,563 | 1,325 | |||||||||||||
Florida | 1,520 | 1,347 | |||||||||||||
Texas | 1,883 | 1,895 | |||||||||||||
North | 1,979 | 1,785 | |||||||||||||
Southwest | 1,276 | 1,071 | |||||||||||||
8,998 | 8,179 | ||||||||||||||
Dollars in backlog | $ | 3,087,862 | $ | 2,770,134 | |||||||||||
(a) | Net new order dollars represent a composite of new order dollars combined with other movements of the dollars in backlog related to cancellations and change orders. |
PulteGroup, Inc. Segment Data, continued ($000's omitted) (Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
MORTGAGE ORIGINATIONS: | |||||||||||||||
Origination volume | 2,507 | 2,469 | 4,623 | 4,583 | |||||||||||
Origination principal | $ | 635,153 | $ | 597,273 | $ | 1,149,941 | $ | 1,092,802 | |||||||
Capture rate | 83.4 | % | 80.3 | % | 82.5 | % | 79.3 | % |
Supplemental Data ($000's omitted) (Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest in inventory, beginning of period | $ | 166,887 | $ | 225,619 | $ | 167,638 | $ | 230,922 | |||||||
Interest capitalized | 31,296 | 31,455 | 62,099 | 66,768 | |||||||||||
Interest expensed | (33,799 | ) | (46,471 | ) | (65,353 | ) | (87,087 | ) | |||||||
Interest in inventory, end of period | $ | 164,384 | $ | 210,603 | $ | 164,384 | $ | 210,603 |
1 Year PulteGroup Chart |
1 Month PulteGroup Chart |
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