PulteGroup, Inc. reported net income of $523 million, or $2.57 per share, for the first quarter ended March 31, 2025. This compares to $663 million, or $3.10 per share, in the prior year, which included a $38 million pre-tax gain from a joint venture sale and a $27 million pre-tax insurance benefit.
Home sale revenues for the quarter totaled $3.7 billion, a 2% decrease from the prior year, reflecting a 7% decrease in closing volume to 6,583 homes, partially offset by a 6% increase in average sales price to $570,000.
The company's first quarter home sale gross margin was 27.5%, down 210 basis points from the prior year but unchanged sequentially from the fourth quarter of 2024. Net new orders decreased to 7,765 homes from 8,379 in the prior year, with a value of $4.5 billion.
PulteGroup repurchased 2.8 million common shares for $300 million in the first quarter, with $1.9 billion remaining under its existing share repurchase authorization. The company ended the quarter with $1.3 billion in cash and a debt-to-capital ratio of 11.7%.
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