PulteGroup, Inc. reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $4,476.3 million, a 12% increase from $4,003.5 million in Q3 2023. For the nine months, total revenues rose to $13,025.2 million, up from $11,767.9 million in the prior year. Home sale revenues also saw a notable increase, with Q3 2024 revenues at $4,343.2 million, compared to $3,886.9 million in Q3 2023, and nine-month revenues climbing to $12,611.0 million from $11,433.5 million.
Net income for Q3 2024 was $697.9 million, an increase from $638.8 million in Q3 2023, while net income for the nine months rose to $2,170.0 million from $1,891.4 million. Basic earnings per share for Q3 2024 increased to $3.38 from $2.92 in the prior year, and for the nine months, it rose to $10.36 from $8.49.
The company’s homebuilding operations reported a 12% increase in closings for Q3 2024, totaling 7,924 units, and a 10% increase for the nine months, reaching 23,116 units. The backlog at the end of Q3 2024 was $7,694.8 million, a 5% decrease from $8,125.2 million in 2023. The average selling price remained flat year-over-year.
PulteGroup's Financial Services segment also experienced growth, with revenues for Q3 2024 at $113.8 million, a 48% increase from $76.7 million in Q3 2023. For the nine months, revenues rose to $317.8 million from $226.9 million. The segment's income before income taxes increased by 90% for Q3 and 78% for the nine months.
As of September 30, 2024, PulteGroup's cash and equivalents totaled $1,397.7 million, down from $1,806.6 million at the end of 2023. Shareholders' equity increased to $11,564.2 million from $10,383.3 million at year-end 2023. The company reported a decrease in cash provided by operating activities to $1,113.2 million for the nine months, down from $1,908.3 million in the same period of 2023.
PulteGroup's inventory as of September 30, 2024, was $12,641.9 million, up from $11,795.4 million at the end of 2023, with homes under construction and land under development both increasing. The company also repurchased $310.2 million of unsecured senior notes during the nine months, reducing outstanding notes to $1.6 billion.
Overall, PulteGroup's strategic focus on homebuilding and financial services has yielded positive results, reflecting strong demand and operational efficiencies despite some fluctuations in cash flow and inventory levels.
About PULTEGROUP INC/MI/
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