PulteGroup Posts $3.97 Billion in Revenue as Home Closings Fall 9%

PulteGroup generated $3.97 billion in revenue for the three months ended Sept. 30, while net income fell to $475.7 million from $585.8 million a year earlier. Diluted earnings were $2.53 per share, below analyst estimates.

Home sale revenue declined 9% to $3.9 billion. Closings also fell 9%, to 6,876 homes, while the average selling price slipped 1% to $561,000.

The home sale gross margin was 24.8%, compared with 26.2% a year earlier. PulteGroup recorded $26 million in land impairments during the quarter, and net new orders decreased 6% to 6,208 homes.

PulteGroup President and CEO Ryan Marshall said higher interest rates had “stretched affordability even further,” pushing more prospective buyers to the sidelines.