PulteGroup Announces $1.5B Share Buyback Despite Q4 Revenue Drop

Company sees increase in new orders and expects improved market conditions in 2024.

• PulteGroup reported a Q4 revenue decline of 15.5% year-over-year to $4.29 billion, missing the consensus of $4.48 billion.
• EPS declined to $3.28 from $3.85 in the same quarter last year, beating the consensus of $3.22.
• Home sale revenues fell 16% Y/Y to $4.165 billion, reflecting closings of 7,615 homes at an average sales price of $547,000.
• Net new orders increased 57% Y/Y to 6,214 homes, while the dollar value of these orders increased 56% to $3.4 billion.
• PulteGroup announced a $1.5 billion increase to its share repurchase authorization, bringing its total share repurchase authorization to $1.8 billion.

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Benzinga Investopedia Quartz