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$PHM 1Q15 10-Q: Pulte Mortgage had $67.6MM outstanding under the Repurchase Agreement at March 31, 2015, and was in compliance with all of its covenants and requirements as of such date. At March 31, 2015, PHM had unexpired forward contracts of $368MM, and whole loan investor commitments of $23.4MM.
Builder $PHM stated that demand environment was generally strong in 1Q17, especially in California, Arizona, Texas, mid-west and Florida. It added that heavy rains during the quarter did not impact demand, but will affect its development timelines.
In 1Q17, $PHM's net new orders rose 8% to 6,126 homes, while the dollar value of net new orders increased 16% YoY to $2.4Bil. Backlog at the quarter end totaled 9,323 homes, valued at $3.8Bil, compared with prior-year backlog of 8,755 homes, valued at $3.4Bil.
Homebuilder $PHM boosted its 1Q17 revenue 14% to $1.6Bil, driven by a 7% growth in closings to 4,225 homes as well as 6% increase in average selling price to $375,000. Net income was $91.5MM, or $0.28 per share, compared to $83.3MM, or $0.24 per share in the year-ago quarter.
$PHM reported a 20% YoverY jump in its 4Q16 earnings to $273.2MM, or $0.83 per diluted share. Revenue grew 21% to $2.5Bil, with home sale revenue growing 21% YoverY. Higher revenue were driven by a 9% increase in closings to 6,197 homes, combined with an 11% increase in average selling price to $391,000.