PulteGroup, Inc. announced net income of $698 million, or $3.35 per share, for the third quarter ended September 30, 2024. This represents an increase from $639 million, or $2.90 per share, in the prior year period.
Home sale revenues increased 12% over the prior year to $4.3 billion, driven by a 12% increase in closings to 7,924 homes. The average selling price of homes closed remained effectively unchanged at $548,000.
The company reported a home sale gross margin of 28.8%, compared with 29.5% in the prior year period. Net new orders for the quarter were 7,031 homes, consistent with 7,065 homes in the prior year, with a value of $3.9 billion, up 3% over last year.
Financial Services operations generated pre-tax income of $55 million, a 90% increase over the prior year's $29 million, with a mortgage capture rate of 87%. PulteGroup repurchased 2.5 million common shares for $320 million in the third quarter, demonstrating a commitment to returning capital to shareholders.
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