Homebuilder PulteGroup’s quarterly profit beats estimates on higher house prices
(Reuters) – U.S. homebuilder PulteGroup Inc on Tuesday beat Wall Street estimates for quarterly profit on the back of higher house prices in a tightening market.
Higher prices have helped U.S. homebuilders offset the impact from rising prices of commodities, labor shortages and ongoing supply chain disruptions over the past year.
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Shares of the Atlanta, Georgia-based company, which lost nearly 20% last year, rose 1.75% to $52.90 in premarket trade.
Pulte’s sales rose nearly 19% to $5.17 billion for its fourth quarter ended December 31, 2022.
The homebuilder’s quarterly net income rose to $882 million, or $3.85 per share from $663 million, or $2.61 per share, a year earlier.
Analysts, on average, had expected PulteGroup’s quarterly net income to be $2.93 per share on a revenue of $4.59 billion, according to Refinitiv.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Krishna Chandra Eluri)