PulteGroup, Inc. announced financial results for its Q4 ended December 31, 2024. For the quarter, the Company reported net income of $913 million, or $4.43 per share. Reported net income includes a pre-tax insurance benefit of $255 million, or $0.93 per share. In the prior year period, the Company reported net income of $711 million, or $3.28 per share, inclusive of a pre-tax insurance benefit of $65 million, or $0.23 per share.
“PulteGroup’s strong Q4 financial results completed a record-setting year,” said PulteGroup President and CEO, Ryan Marshall. “For the full year, PulteGroup generated nearly $18 billion in revenues and net income of $3.1 billion, while generating a return on equity of 27.5%. These results allowed us to invest $5.3 billion into our business, return $1.4 billion to our shareholders through stock repurchases and dividends, and retire $310 million of senior notes.
“Despite Federal Reserve actions to lower short-term interest rates, mortgage interest rates remained elevated in the fourth quarter, which impacted buyer demand as homebuyers continue to face affordability challenges. The operational changes we have implemented in response to these conditions, including targeted sales incentives coupled with faster construction cycle times, have yielded a sales backlog and inventory in process that have us well-positioned for the upcoming spring selling season.”
Home sale revenues in the Q4 2024 increased 13% over the prior year to $4.7 billion. Higher revenues in the Q4 were driven by a 6% increase in closings to 8,103 homes. The average selling price of homes closed in the period was $581,000, an increase of 6% compared with $547,000 in the prior year period.
The Company’s reported home sale gross margin in the Q4 was 27.5%, compared with 28.9% in the prior year period. Homebuilding SG&A expense for the Q4 was $196 million, or 4.2% of home sale revenues, compared with $308 million, or 7.4% in the prior year period. Reported SG&A expense reflects insurance benefits of $255 million and $65 million recorded in the Q4 2024 and 2023, respectively.
The Company’s net new orders for the Q4 2024 were 6,167 homes, which is consistent with net new orders of 6,214 homes in the prior year period. The value of net new orders in the quarter was $3.5 billion, or an increase of 4% over last year. Average community count for the Q4 was 960, which is up 4% from the prior year.
PulteGroup, Inc., based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 45 markets throughout the country.
