Investor Presentation Second Quarter 2025 At a glance years of total lot supply (2.6 years owned) 345 active selling communities 23.0% adjusted home closings gross margin $2.0 billion home closings revenue as of 2Q 2025 85,051 total homebuilding lots (60% controlled) 6.4 $589,000 average home closing price 2.6 monthly sales pace 15.5% return on equity $1.1 billion total liquidity 2 (1) ROE is calculated as trailing-twelve month net income divided by the average of stockholders' equity in the current and pri ...

财务表现 - 2025年第二季度税前收入1.601亿美元，净利润1.212亿美元（稀释后每股4.42美元），同比分别下降18%和17% [3] - 2025年上半年税前收入3.062亿美元，净利润2.325亿美元（稀释后每股8.40美元），同比分别下降18%和18% [3] - 第二季度总收入12亿美元同比增长5%，创下季度记录 [7] - 毛利率保持25%的强劲水平 [5] - 股东权益达31亿美元创纪录，同比增长12%，每股账面价值117美元 [7] 运营数据 - 第二季度交付房屋2,348套同比增长6%，创季度记录 [4] - 上半年交付房屋4,324套同比下降1% [4] - 第二季度新签合同2,078套同比下降8%，上半年新签合同4,370套同比下降9% [4] - 截至6月30日的未交付订单价值14.3亿美元同比下降22%，未交付订单数量2,577套同比下降25% [4] - 平均销售价格从53.3万美元上升至55.3万美元 [4] 区域表现 - 北部地区新签合同873套同比下降13%，南部地区1,205套同比下降4% [15] - 北部地区交付房屋967套同比增长2%，南部地区1,381套同比增长8% [15] - 北部地区未交付订单1,281套价值7.21亿美元，南部地区1,296套价值7.04亿美元 [16] 资产负债状况 - 现金及等价物8亿美元，未动用6.5亿美元无担保信贷额度 [5] - 房屋建造债务与资本比率为18%，净债务与资本比率为-3% [5] - 总资产47.4亿美元，总负债16.6亿美元 [11] - 第二季度回购5000万美元普通股 [7] 战略与展望 - 社区数量从211个增至234个创纪录，预计全年平均社区数量增长约5% [5] - 土地储备总量50,464块，其中自有24,507块 [16] - 第二季度土地开发支出1.39亿美元，土地购置支出1.02亿美元 [13] - 管理层对住房行业基本面保持信心，强调应对不确定环境的能力 [5]

Out of context, the earnings reports from home builders D.R. Horton ( DHI ) and Pulte Home ( PHM ) were nothing special. However, expectations count for a lot. With both builders delivering results not as bad as feared and both builders affirming strongDr. Duru has blogged about financial markets since the year 2000. A veteran of the dot-com bubble and bust, the financial crisis, and the coronavirus pandemic, he fully appreciates the value in trading and investing around the extremes of market behavior. In ...

Back in late November of last year, one company that I took another crack at was Beazer Homes USA (NYSE: BZH ). I have long been bullish about the firm. Since upgrading the company fromCrude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential.Subscribers get to use a 50+ stock model account, in-depth cash flow analyses of E&P firms, and live chat discus ...

Tuesday, July 22, 2025The S&P 500 has tiptoed to another record closing high this afternoon, to 6309 for the first time ever — up from the 6305 closing price yesterday. The Dow and the Nasdaq were on either side of today’s flat market: +179, +0.40% on the former and -81 points, -0.39% the latter. The small-cap Russell 2000 led the major indexes for the session, +17 points, +0.79%.Homebuilders enjoyed their best trading day in recent memory following D.R. Horton (DHI) and Pulte Home (PHM) outpacing expectati ...

文章核心观点 - 托尔兄弟公司宣布拉斯维加斯Raven Crest豪华联排别墅社区盛大开业，介绍了社区特色、价格等信息，还介绍了公司自身情况 [1][2][6] 社区信息 - 社区位于拉斯维加斯Summerlin的Kestrel Commons村，有3套新样板房开放参观 [1] - 社区建筑精美，有6种宽敞的三到四层住宅设计，面积达2640平方英尺，部分设计有入口庭院、有顶露台和屋顶露台，每户配双车库 [2] - 除Summerlin总体规划的便利设施外，居民可享私人社区游泳池、公园和步行道，新开放的游泳池区是放松社交的好地方 [4] - 客户可在托尔兄弟设计工作室一站式购物，有专业设计顾问协助个性化定制梦想家园 [5] - 社区有带设计师指定特色的快速入住房屋，最早2025年8月可入住 [5] - 房屋价格从60多万美元起，咨询电话(855) 700 - 8655或访问TollBrothers.com/LasVegas [6] 公司信息 - 托尔兄弟公司是财富500强企业，1967年成立，1986年上市，股票在纽约证券交易所交易，服务多类购房和租房人群 [7] - 公司业务覆盖24个州超60个市场，拥有多个子公司，开展多种业务 [7][8] - 公司连续10多年入选《财富》杂志“全球最受赞赏公司”，2024年公司董事长兼首席执行官被《巴伦》杂志评为25位顶级首席执行官之一，还获多项行业奖项 [9]

Key Takeaways PHM posted Q2 EPS of $3.03 and revenues of $4.4B, both surpassing the Zacks Consensus Estimate. Home closings dropped 5.7% and net new orders fell 7.4% year over year in the second quarter. CEO highlights market challenges but sees opportunity amid improved consumer sentiment on rate dips.PulteGroup Inc. (PHM) has reported better-than-expected second-quarter 2024 results, wherein adjusted earnings and total revenues handily beat the Zacks Consensus Estimate.CEO Ryan Marshall noted that while ...

Shares of PulteGroup, Inc. (NYSE: PHM ) have been a poor performer over the past year, losing about 7% of their value, as the housing market has softened under the weight of elevated mortgage rates. However, investors got much-needed relief Tuesday when theOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an articl ...

核心业绩表现 - 公司第三季度调整后每股收益为3.36美元，超出市场预期15.9%，但同比下降18% [5] - 总营收为92.3亿美元，同比下降7%，但超出分析师预期5.1% [6] - 税前利润率为14.7%，低于去年同期的18.1% [6] - 房屋销售86.6亿美元，同比下降7.3%，房屋交付量下降4%至23,160套 [7] 业务细分表现 - 住宅建筑业务营收85.8亿美元，同比下降7% [7] - 金融服务营收2.278亿美元，同比下降6% [9] - 土地开发业务营收3.905亿美元，同比增长22.6% [9] - 租赁业务营收3.807亿美元，同比下降8% [11] 订单与库存情况 - 净销售订单23,071套，同比微增0.3%，订单价值84亿美元，同比下降3% [8] - 订单取消率17%，低于去年同期的18% [8] - 未交付订单14,075套，同比下降16%，订单价值53亿美元，同比下降19% [8] - 库存中有25,000套未售出房屋，土地储备总计601,400块 [13] 财务状况 - 现金及等价物26.6亿美元，总流动性55亿美元 [12] - 债务72亿美元，债务占总资本比例为23.2% [13] - 过去12个月股东权益回报率为16.1% [13] - 前三季度回购26.2百万股普通股，耗资36亿美元 [14] 市场环境与战略 - 住房市场疲软主要由于消费者信心下降和负担能力问题 [2] - 公司通过销售激励措施推动销量，但影响利润率 [3] - 公司拥有强大的流动性和低杠杆率，提供运营和财务灵活性 [4] - 灵活的资本配置策略和可负担产品供应有助于适应市场变化 [4] 同行表现 - PulteGroup第二季度业绩超预期，但房屋销售营收同比下降4.1% [17][18] - KB Home业绩超预期，但下调2025年指引，因市场不确定性 [19][20] - Lennar业绩表现不一，营收超预期但盈利未达预期，均同比下降 [21][22]

Shares of PulteGroup Inc (NYSE:PHM) were last seen up 9.4% at $118.81, after the company topped second-quarter earnings and revenue estimates with help from buyer incentives. In response, Wedbush raised its price objective to $150 from $135. PHM is now up 8.2% year to date, gapping above resistance at the 320-day moving average while hitting its highest levels since late January. Should gains hold, it will mark the equity's third-straight post-earnings win. Options traders are chiming in after the event, wi ...