PulteGroup Saw Revenue Rise but Income Fall YOY in Q4

Atlanta, GA, January 30, 2018-PulteGroup reported net income was $77 million for Q4 2017, compared to $273 million in Q4 2016.

Home sale revenues for the fourth quarter increased 12% over the prior year to $2.7 billion.  Higher revenues for the period were driven by a 7% increase in closings to 6,632 homes, combined with a 5%, or $19,000, increase in average sales price to $410,000.

In a separate press release, the company announced that its board of directors approved an increase to its existing share repurchase plan of $500 million. As of December 31, 2017, the company had $94 million of authorization remaining in its share repurchase plan. The company expects that share repurchases will be made from time to time in the open market, through privately negotiated transactions or otherwise subject to market conditions, applicable legal requirements, and other relevant factors.