by Christopher Freeburn | January 30, 2014 10:54 am
On Wednesday, PulteGroup (PHM) posted sharply higher fourth-quarter earnings, sending PHM stock up more than 1% in Thursday morning trading.
PHM stock gained after the nation’s second largest homebuilder reported a profit of $220.1 million during the quarter, compared to $58.7 million in the year-ago period. EPS came in at 57 cents per share, easily topping the earnings of 44 cents per share of PHM stock that Wall Street had expected, Reuters noted.
PHM stock has fallen about 9% over the past twelve months. PHM stock closed at $19.43 on Wednesday.
During the quarter, PHM generated $1.61 billion in revenue, up from $1.48 billion a year ago. Though it completed 4% fewer homes during the quarter, PHM benefitted from surging home prices. Its average home sale price rose to $325,000 in the fourth quarter, a 13% increase.
PulteGroup’s higher earnings did little to help other homebuilders. Shares of Toll Brothers (TOL), Ryland Group (RYL) and DR Horton (DHI) all sank more than 1% in Thursday morning trading.
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