Pulte Homes Inc (PHM)

[mlkrborn]

PulteGroup beats by $0.07, misses on revs (PHM) 17.45 : Reports Q3 (Sep) earnings of $0.27 per share, ex-$0.03 tax benefit, $0.07 better than the Capital IQ Consensus Estimate of $0.20; revenues rose 14.1% year/year to $1.3 bln vs the $1.42 bln consensus. Higher revenue for the period was driven by a 6% increase in average selling price to $279,000, combined with a 5% increase in closings to 4,418 homes. Net new orders for the third quarter totaled 4,544 homes valued at $1.3 billion, an increase of 27% and 43%, respectively, over the prior year. The year-over-year increase in signups was generated from 7% fewer communities. On a unit basis, PulteGroup's quarter-end backlog was up 49% to 7,686 homes with a value of $2.2 billion, compared with a prior year backlog of 5,143 homes with a value of $1.4 billion. The Company's third quarter 2012 backlog is the highest dollar value since the second quarter of 2008. As detailed in a separate press release issued October 24, 2012, PulteGroup announced a tender offer for up to $1.0 billion face amount of certain of the Company's outstanding senior notes. The Company intends to fund the tender with cash on hand.