PulteGroup, a major homebuilder, surpassed Wall Street's first-quarter profit and revenue estimates for Q1 2024, driven by robust demand for new constructions amid a significant housing shortage. The company's success comes despite recent downturns in homebuilder stocks due to high interest rates. PulteGroup's stock saw a premarket rise as CEO Ryan Marshall highlighted a 'structural shortage' of millions of homes in the U.S., a situation exacerbated by a decade of underbuilding which has resulted in a deficit of approximately 4 million housing units.
PulteGroup President and CEO Ryan Marshall said in the release, “After more than a decade of underbuilding, it is estimated that our country has a structural shortage of several million homes.” https://t.co/qe7cBmUUMF
'Against generally favorable demand conditions, the supply of available housing remains tight. We have the long-term structural issue resulting from a decade of underbuilding that has the country short approximately 4 million housing units.' Pulte Q1 2024 Conference Call
Homebuilder stocks have recently moved down because of buoyant interest rates. So, now we go through the "in spite of high rates" part of the quarterly news cycle. PulteGroup, Inc. (PHM) Stock Price, News, Quote & History - Yahoo Finance
US has 'structural shortage' of millions of homes, PulteGroup CEO says https://t.co/t2FIqEfbnf by @daniromerotv
Pulte’s stock rises premarket as home builder cites housing shortage boost https://t.co/oux9F8YDhM
PulteGroup Posts Earnings Beat as ‘Shortage of Several Million Homes’ Spurs Demand https://t.co/cs9hNRyS0N
⚠️ PULTEGROUP BEATS PROFIT, REVENUE ESTIMATES ON HIGHER HOME SALES Full Story → https://t.co/kCpDlZjZxP Homebuilder PulteGroup beat Wall Street estimates for first-quarter profit and revenue on Tuesday, aided by strong demand for new constructions amid an acute shortage of… https://t.co/gF8a0mLJq9