Benzinga | Jul 27, 2021 01:21PM EDT

Pultegroup Reports Solid Top-Line Growth In Q2, Misses On Estimates

* PulteGroup, Inc. (NYSE:PHM) reported second-quarter revenue growth of 29.5% year-over-year to $3.36 billion, missing the consensus of $3.51 billion.

* Adjusted EPS of $1.72 missed the consensus of $1.75.

* Net new orders increased 28%Y/Y to 8,322 homes, and the value of new orders increased by 59% to $4.3 billion.

* Home sale revenues increased 31% Y/Y to $3.2 billion, driven by a 22% increase in closings to 7,232 homes and a 7% increase in average sales price to $447,000.

* Homebuilding gross margin expanded by 270 bps to 26.6%.

* At the end of the quarter, the company's backlog was 20,056 homes, increasing 52% Y/Y.

* The dollar value of homes in backlog was $9.8 billion (+70% Y/Y).

* The company repurchased 3.6 million of its common shares for $200 million, or an average price of $55.84 per share.

* PulteGroup generated cash by operating activities year-to-date of $432.07 million, compared to $807.87 million a year ago.

* The debt-to-capital ratio decreased to 22.7% and had a net debt-to-capital ratio of 4.5%.

* Price action: PHM shares are trading lower by 0.75% at $52.96 on the last check Tuesday.