PulteGroup Reports Q3 Earnings Miss on Lower Revenue and Declining Margins
PulteGroup (PHM) reported third-quarter financial results that fell short of market expectations. The company posted a GAAP earnings per share (EPS) of $2.53, missing estimates by $0.09, while revenue reached $3.98 billion, representing a 9.5% year-over-year decline and falling $170 million below consensus forecasts. Profitability was also impacted as home sale gross margins contracted to 24.8%, down from 26.2% in the prior year period. This margin compression included approximately $26 million in land impairments, which accounted for a reduction of roughly 70 basis points.
Tickers: $PHM
Topics: earnings miss gross margin contraction land impairments revenue decline