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PulteGroup Inc. (PHM-2.61%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing home sale revenues of $17.3 billion, up from $15.6 billion in the previous year. This increase was driven by a 9% rise in home closings and a 2% increase in average selling price.
PulteGroup reported a net income of $3.1 billion for 2024, compared to $2.6 billion in 2023. The company’s diluted earnings per share increased to $14.69 from $11.72.
The company operates in six homebuilding segments: Northeast, Southeast, Florida, Midwest, Texas, and West. Each segment showed varying levels of revenue and income growth, with the West segment experiencing a 24% increase in revenues.
PulteGroup's Financial Services operations, which include mortgage banking, title, and insurance agency operations, reported revenues of $433 million, a 35% increase from 2023, driven by higher loan origination volumes.
The company’s backlog at the end of 2024 was $6.5 billion, representing 10,153 units, down from $7.3 billion and 12,146 units at the end of 2023.
PulteGroup's inventory of homes under construction was valued at $12.7 billion at the end of 2024, with 18,032 homes in production, a slight decrease from the previous year.
The company continues to focus on strategic land acquisition, with 234,589 lots under control, of which 56% are under land option agreements.
PulteGroup's board of directors declared a quarterly cash dividend of $0.22 per share, with total dividends declared in 2024 amounting to $171.4 million.
The company repurchased 10.1 million shares in 2024 for a total of $1.2 billion and has a remaining share repurchase authorization of $682.9 million as of December 31, 2024.
PulteGroup maintains a revolving credit facility with a borrowing capacity of $1.3 billion, with $928.9 million available at year-end 2024.
The company identified no material weaknesses in its internal controls over financial reporting and continues to focus on maintaining effective internal controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PulteGroup Inc. annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.