PulteGroup and Freeport-McMoRan both reported first-quarter earnings that exceeded Wall Street expectations. PulteGroup's success was driven by strong demand for new homes, attributed to a significant shortage in housing, with their GAAP EPS reaching $3.10, surpassing estimates by $0.74, and revenue hitting $3.95 billion, $360 million above forecasts. Despite this, PulteGroup's stock experienced a decline due to recent softness in the market linked to rising interest rates and increasing resale inventories. Additionally, PulteGroup's average sales prices dipped 1% Y/Y to $538K, falling below their adjusted guidance of $540-550K. Freeport-McMoRan, a major copper miner, also outperformed profit expectations with a Non-GAAP EPS of $0.32, $0.04 higher than anticipated, and revenue of $6.32 billion, which was $620 million more than expected. However, their stock price fell by 1.6% in pre-market trading.
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
Freeport-McMoRan's stock slipped despite better-than-expected Q1 results. https://t.co/bxiKR82e5N
LISTEN NOW: New home sales notched their highest reading since September. We’ll talk to the CEO of real estate developer Howard Hughes Holdings about the demand trends he’s seeing. Listen and follow the @CNBCTheExchange podcast here: https://t.co/tsZvRrs9NI https://t.co/xl9pKYbToi
PulteGroup beats profit, revenue estimates on higher home sales https://t.co/FAkOHCurfb https://t.co/kHE5g4tBlw
$PHM down after a solid earnings quarter — they mentioned a little softness over recent days given the backup in interest rates, and people generally seem a bit more uncertain about the future with builders at the moment between rates and rising resale inventories.
Real estate pricing: Pulte's earnings were great and they are raising guidance, but average sales prices in the Q dipped 1% Y/Y to $538K, falling below their guidance of $540-550K. This isn't apples-to-apples, but obviously -1% is much cooler than what the CPI is showing for…
$FCX (-1.6% pre) Freeport-McMoRan Non-GAAP EPS of $0.32 beats by $0.04, revenue of $6.32B beats by $620M https://t.co/aWCChjwYGD
$PHM (+4.2% pre) PulteGroup GAAP EPS of $3.10 beats by $0.74, revenue of $3.95B beats by $360M - SA https://t.co/nEoq2B3lNA
Pulte’s stock rises premarket as home builder cites housing shortage boost https://t.co/oux9F8YDhM
⚠️ FREEPORT-MCMORAN BEATS QUARTERLY PROFIT ESTIMATES Full Story → https://t.co/nXvdK6TqEG Copper miner Freeport-McMoRan beat Wall Street estimates for first-quarter profit on Tuesday, helped by higher production. https://t.co/UGmvUyxtxS
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