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Stock Alert: Shares Of PulteGroup Inc. (PHM) Hit 52-Week High

Shares of PulteGroup Inc. (PHM) recorded a new 52-week high of $45.54 today, Jan. 28, 2020, following the announcement of its upbeat Q4 results, and its acquisition of Innovative Construction Group for undisclosed terms.

PHM Q4 Results Beat Consensus On Sustained Strength in Housing Demand

PulteGroup, on Tuesday, reported Q4 net income of $335.80 million or $1.22 per share versus $237.65 million or $0.84 per share last year.

Adjusted net income was $312 million or $1.14 per share compared to $314 million or $1.11 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.09 per share. Analysts' estimates typically exclude certain special items.

Home sale revenues for the quarter improved 1% to $2.9 billion from last year, reflecting a 2% rise in closings to 6,822 homes, partially offset by a less than 1% decrease in average sales price to $429,000.

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

During the quarter, the company repurchased 0.8 million of its common shares for $30 million, or an average price of $39.16 per share. At year end, the company had $1.2 billion of cash and a debt-to-total capitalization of 33.6%, which is down from 38.6% at the end of 2018.

Innovative Construction Group Acquisition

Jan. 28, PulteGroup said it acquired Innovative Construction Group, an off-site solutions provider focused on single family and multifamily wood framed construction. Terms of the transaction remain undisclosed.

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