Let's get to Jim and stop trading. >> Yeah, home builder report today. PY, uh, thank you.>> You would think with rates coming down it would matter, but no. They've got weak demand and margin pressure. Terrible combination.I continue to believe that this is why the Fed must cut. Uh, because maybe if you got short-term rates, you could do some sort of uh some sort of financing that would be a balloon because man, this is bad out there. >> I know.But Jim, financial conditions. Look at the stock market. Look at ...

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PulteGroup recorded a lower third-quarter profit as affordability concerns continued to put off home buyers. ...

业绩总结 - Q3 2025报告的净收入为5.86亿美元，每股收益为2.96美元[14] - 第三季度的房屋销售收入为42亿美元，同比下降2%[20] - Q3 2025的毛利率为26.2%，较去年同期下降260个基点[21] - Q3新订单数量为6,638套，同比下降6%，新订单价值为36亿美元[27] - Q3末的订单积压为9,888套，价值62.35亿美元，同比下降19%[38] - Q3的销售、一般和行政费用为4.01亿美元，占房屋销售收入的9.4%[23] 未来展望 - 预计2025年土地收购和开发支出约为50亿美元[31] - 2025财年的平均销售价格预计在56万美元至57万美元之间[15] - 预计公司每年销售量增长5%至10%[75] - 预计2025年社区数量增长3%至5%[60] 用户数据 - 2024年关闭交易中，约60%为首次购房者和高端活跃成人买家[47] - 2024年关闭交易中，价格区间为：低于30万美元占6%，30万-39.9万美元占20%，40万-49.9万美元占22%，50万-74.9万美元占37%，75万及以上占15%[50][51] 新产品和新技术研发 - 公司目标是将土地选择比例提高至70%[66] - 公司的内部收益率(IRR)阈值为18%至30%[62] 资本管理 - Q3回购了3亿美元的普通股，年初至今回购了820万股，占流通股的4%[36] - 截至Q3末，公司的现金及现金等价物为14.8亿美元，债务资本比率为11.2%[39] - 通过战略资本配置，持续生成现金流以支持业务投资、分红和股票回购[66][79]

核心观点 - 投资者关注PulteGroup财报时 应重点关注其新订单和房屋销售毛利率 [1] 关键财务指标 - 新订单是衡量公司未来收入潜力的重要先行指标 [1] - 房屋销售毛利率直接反映公司的盈利能力和定价策略有效性 [1]

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Model Home Primary Suite | New Homes in San Antonio, TX | Summerlin by Century Communities Event attendees will be among the first to explore the community's new model home, showcasing the two-story Riley floor plan. The event will also feature complimentary refreshments and Grand Opening savings opportunities. Learn more, join the interest list, and RSVP for the Grand Opening event at www.CenturyCommunities.com/SummerlinTX. Â "Summerlin is an exciting new development, offering a variety of quality floor pl ...

财报发布安排 - PulteGroup Inc (PHM) 计划于2025年10月21日开盘前公布2025年第三季度财报 [1] - 上一季度公司每股收益和营收分别超出Zacks一致预期3.8%和0.8% 但同比分别下降15.4%和4.3% [1] - 过去四个季度每股收益均超预期 平均超出幅度为6% [1] 业绩预期与趋势 - 第三季度每股收益Zacks一致预期为2.86美元 在过去30天内保持不变 该预期值较去年同期的3.35美元下降14.6% [2] - 第三季度营收一致预期为43亿美元 暗示同比下滑4% [2] - 公司预计房屋交付量在7,200-7,600套之间 低于去年同期的7,924套 模型预测交付量同比下降7.4%至7,336套 [4] 营收影响因素 - 第三季度营收可能同比下降 主要由于住房市场持续存在的可负担性挑战以及高企的抵押贷款利率影响购房者 [3] - 市场住房库存水平上升和宏观风险可能损害了公司的营收规模 [3] - 分业务看 模型预测占2025年第二季度总营收97.7%的住宅建筑业务营收同比下降4.7%至41.6亿美元 占营收2.3%的金融服务业务营收同比增长13.6%至1.293亿美元 [5] - 公司对入门级住宅的关注、审慎的土地投资和可负担的产品组合可能为营收提供了一定支撑 [6] - 公司预计本季度平均售价在560,000至570,000美元之间 高于去年同期的548,000美元 模型预测平均售价同比上涨2.5%至561,500美元 [6] 利润率表现 - 第三季度可能面临显著的利润率压力 原因是需要提供激励措施来应对可负担性担忧同时维持盈利能力 [7] - 由于竞争市场带来的激励成本上升 第三季度净利润预计同比下降 [7] - 公司预计房屋销售毛利率在26%至26.5%之间 低于去年同期的28.8% 模型预测住宅建筑毛利率为26.3% 较去年同期下降250个基点 [8] 订单与积压 - 模型预计PHM第三季度净新订单同比增长4%至7,309套 [9] - 预计总积压量同比下降11.1%至10,751套 总积压价值同比下降10.9%至68.5亿美元 [9] 行业比较 - Armstrong World Industries (AWI) 的Earnings ESP为+0.63% Zacks评级为3 过去四个季度盈利均超预期 平均超出9.9% 预计第三季度盈利增长9.9% [11][12] - TopBuild (BLD) 的Earnings ESP为+1.89% Zacks评级为3 过去四个季度盈利均超预期 平均超出2.8% 预计第三季度盈利下滑8.1% [12] - EMCOR Group (EME) 的Earnings ESP为+0.20% Zacks评级为2 过去四个季度盈利均超预期 平均超出16.8% 预计第三季度盈利增长14.7% [13]

Joining us right now is Stephanie Link. She is High Totower chief investment strategist, also a CNBC contributor. And and Steph, last week felt um you know, a little volatile.Things were up, things were down. We we ended up, but I guess I'd ask you where you think we are. Just given how volatility is back, given how people are worried it's October, how are you feeling about things.>> Yeah, I mean the volatility is definitely increasing. September, October are typically the the two toughest months of the yea ...

In the 1990s, Muhlenkamp Fund’s clever value investing formula made it a star among no load mutual funds. Then the long tech bull market left it in the dust. A new generation is making a comeback.Twenty years ago Wexford, PA-based Muhlenkamp Fund was a perennial star on Forbes annual mutual fund Honor Roll list. Year-after-year it bested the S&P 500 using a low risk investment formula seeking large and small cap companies whose return on equity surpassed their price-earnings ratios and whose revenue growth ...