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PulteGroup Q4 Results Top Estimates; To Buy Innovative Construction Group

PulteGroup Inc. (PHM) reported that its net income for the fourth-quarter increased to $335.80 million or $1.22 per share from $237.65 million or $0.84 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share. Analysts' estimates typically exclude special items.

Adjusted net income for the period was $312 million or $1.14 per share, compared to $314 million or $1.11 per share last year.

Home sale revenues for the fourth quarter increased 1% to $2.9 billion from the prior year. Higher revenues for the period reflected a 2% increase in closings to 6,822 homes, partially offset by a less than 1% decrease in average sales price to $429,000.

Total revenues for the quarter were $3.02 billion up from $3.00 billion in the previous year. Analysts expected revenue of $2.98 billion for the quarter.

In a separate press release, PulteGroup said that it has acquired Innovative Construction Group, an off-site solutions provider focused on single family and multifamily wood framed construction. Terms of the transaction were not disclosed.

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