Pulte Pinned at Neutral - Analyst Blog
13 3월 2013 - 7:50PM
Zacks
On Mar 12, we maintained a Neutral recommendation on
PulteGroup Inc. (PHM), following appraisal of its
fourth quarter results.
Why the Neutral Recommendation?
On Jan 31, 2012, this leading national homebuilder announced
fourth quarter 2012 earnings of $0.34 per share, which beat the
Zacks Consensus Estimate by 9.7% and were significantly better than
the prior-year quarter results. Improving housing fundamentals
combined with gross margin expansion and solid overhead leverage
led to the earnings beat. Pulte’s total revenue increased 24.6%
year over year, owing to 23.4% revenue growth in the homebuilding
segment. Total revenue also beat the Zacks Consensus Estimate of
$1.46 billion.
The growth in Pulte’s homebuilding revenues was driven by an
increase in new home orders and average selling prices as the
housing fundamentals improve steadily. In 2012, Pulte returned to
profitability as an enhanced housing market and the company’s
restructuring initiatives resulted in year-over-year improvement in
net new orders, closings, revenues as well as gross margins.
The Zacks Consensus Estimates for both 2013 and 2014 have seen a
mixed movement with estimates moving in both directions.
We believe that homebuilders like Pulte, which enjoy significant
land positions, broad geographic and product diversity, and better
capital positions, are expected take maximum advantage of the
housing recovery. Management believes that 2013 will be a better
year for the housing industry than 2012. We believe that Pulte’s
cost reduction and operating efficiency improvement plans combined
with further improvement in housing demand will boost profitability
in 2013.
However, the new home demand remains at historically low levels
due to the current weak U.S. economic conditions and tight mortgage
lending standards. Sustainable increases in housing and housing
demand for the long term will require the overall economy to
strengthen, including further job growth. Additionally, the pending
federal budget decisions could potentially disrupt the housing
recovery. Moreover, the housing recovery was uneven and not broad
based with some markets showing more upward momentum than others. A
sustainable housing recovery in the long term can be achieved only
through a broad-based improvement in the overall economy, which we
believe will take time.
Other Stocks to Consider
Pulte carries a Zacks Rank #3 (Hold). Some other housing stocks
worth considering include NVR Inc. (NVR) – Zacks
Rank #1 (Strong Buy), D.R. Horton Inc. (DHI)
-Zacks Rank #2 (Buy), and Consorcio ARA, S. A. B. de C.
V. (CNRFF) - Zacks Rank #2 (Buy).
CONSORCIO ARA (CNRFF): Get Free Report
D R HORTON INC (DHI): Free Stock Analysis Report
NVR INC (NVR): Free Stock Analysis Report
PULTE GROUP ONC (PHM): Free Stock Analysis Report
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Zacks Investment Research
Consorcio Ara (PK) (USOTC:CNRFF)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Consorcio Ara (PK) (USOTC:CNRFF)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024