PulteGroup, Inc. stock research
FY2023 Q1
PulteGroup (PHM) Gross Margin — Quarter Ended Mar 31, 2023
Revenue declined from the prior quarter while rising versus the same quarter last year, and gross profit as a share of revenue was lower compared to the preceding period. Cost of revenue consumed a larger portion of revenue, resulting in a weakened gross margin.
Gross margin takeaway
Quarter ended Mar 31, 2023 · FY2023 Q1
Revenue declined from the prior quarter while rising versus the same quarter last year, and gross profit as a share of revenue was lower compared to the preceding period. Cost of revenue consumed a larger portion of revenue, resulting in a weakened gross margin.
- Gross margin was not reported for the prior or year-ago periods, so the only observable driver is the current quarter's margin relative to the change in revenue. Revenue was lower sequentially yet higher year-over-year, indicating that cost of revenue did not decline proportionally when revenue fell, which pressured margin.
- Sequentially, revenue fell by a notable amount, and gross margin weakened. Compared with the same period one year earlier, revenue increased, but gross margin comparisons are not available due to missing prior-year data.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
30.2%
Gross profit
$1.1B
Revenue
$3.6B
Cost of revenue
$2.5B
Quarter-over-quarter change
n/a
Year-over-year change
n/a
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $3.6B | $1.1B | $2.5B | 30.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Previous quarter unavailable
n/a
Year-over-year change
Mar 31, 2022
n/a
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin was not reported for the prior or year-ago periods, so the only observable driver is the current quarter's margin relative to the change in revenue. Revenue was lower sequentially yet higher year-over-year, indicating that cost of revenue did not decline proportionally when revenue fell, which pressured margin.
Sequentially, revenue fell by a notable amount, and gross margin weakened. Compared with the same period one year earlier, revenue increased, but gross margin comparisons are not available due to missing prior-year data.
Monitor revenue and cost of revenue trends to assess whether gross margin can stabilize if revenue growth resumes.