PulteGroup Q1 revenue drops amid housing slump; shares rise on strong backlog and buyback plans

PulteGroup reported a decline in first-quarter homebuilding revenue to $3.34 billion from $3.80 billion a year earlier, with home sale revenues also down to $3.31 billion. The company faced lower closing volumes and average selling prices, alongside increased incentives that pressured gross margins. Despite these challenges, net new orders rose 3% to 8,034 homes, driven by strong demand in Florida, and backlog reached 10,427 homes valued at $6.5 billion. PulteGroup repurchased $308 million in shares and authorized an additional $1.5 billion buyback, signaling confidence. The company reaffirmed its full-year outlook for 28,500–29,000 home closings and expects margin improvement in the second half as more build-to-order homes are sold.