Despite Reporting Flat Order Growth, PulteGroup's Stock Soars After 3Q Earnings Release
PulteGroup reported strong third-quarter results: homebuilding revenue was up 25% year over year to $2.6 billion; homebuilding operating margin expanded 190 basis points to 14.2%; and EPS increased 74% to $1.01. Still, we were expecting the stock to trade lower on Oct. 23 as investors zeroed in on PulteGroup's second-consecutive quarter of weak new order growth as a sign of a stalling housing market. Instead, PulteGroup's stock closed the Oct. 23 trading day up over 7%, and the rest of the homeb...PulteGroup through its subsidiaries is engaged in the homebuilding business. The company also has mortgage banking operations, conducted principally through its susidiary, Pulte Mortgage LLC, and title and insurance brokerage operations. The company's homebuilding business includes the acquisition and development of land primarily for residential purposes within the United States. The company provides a variety of home designs, including single-family detached, townhouses, condominiums, and duplexes at different prices and with varying levels of options and amenities to its customer groups: first-time, move-up, and active adult.
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