PulteGroup Reported this morning their Q1 results.It's a small beat on EPS and a small miss on sales.
But for me as a lumber company owner what matters is there outlook.
Here is what they had to say.
- Net New Orders Increased 31% to 9,852 Homes; Net New Order Value Increased 42% to $4.6 Billion
- Backlog Increased 50% to 18,966 Homes with a Value of $8.8 Billion
“The year has gotten off to an outstanding start with strong demand across all of our markets and buyer groups which helped drive a 31% increase in net new orders, including a 49% gain in active-adult sales,” said Ryan Marshall, PulteGroup President and CEO. “In the first quarter, we continued to capitalize on this favorable demand environment as we expanded our adjusted operating margin by 280 basis points and generated a 60% increase in adjusted earnings per share.”
“Along with the important underpinnings of favorable demographics, low interest rates and improving consumer confidence, industry demand is benefiting from increased desire for single family living, the ability for new homes to better meet buyer wants and needs and from a limited supply of new and existing home inventory,” added Marshall. “The need for almost 4 million additional homes as recently estimated by Freddie Mac to meet buyer demand, and expectations for an acceleration in economic growth as the pandemic continues to recede, keep us optimistic about future housing conditions and the opportunity to drive additional gains in our business results.”