PulteGroup, Inc. stock research
FY2024 Q1
PulteGroup (PHM) Gross Margin — Quarter Ended Mar 31, 2024
Revenue decreased from the prior quarter but increased from the same quarter last year. Gross profit and cost of revenue both rose year over year, while gross margin improved compared to a year ago.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue decreased from the prior quarter but increased from the same quarter last year. Gross profit and cost of revenue both rose year over year, while gross margin improved compared to a year ago.
- The strongest observable margin driver is the year-over-year improvement in gross margin, which rose from the prior year's level. This occurred alongside higher revenue and gross profit, with cost of revenue also increasing.
- Compared to the immediately preceding quarter, revenue was lower, but gross profit and cost of revenue data for that quarter are not available. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, and gross margin improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
31.0%
Gross profit
$1.2B
Revenue
$3.9B
Cost of revenue
$2.7B
Quarter-over-quarter change
+0.3 pts
Year-over-year change
+0.8 pts
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% |
| Jun 30, 2023 | $4.2B | $1.3B | $2.9B | 31.0% |
| Sep 30, 2023 | $4.0B | $1.2B | $2.8B | 30.7% |
| Mar 31, 2024 | $3.9B | $1.2B | $2.7B | 31.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2023
+0.3 pts
Year-over-year change
Mar 31, 2023
+0.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the year-over-year improvement in gross margin, which rose from the prior year's level. This occurred alongside higher revenue and gross profit, with cost of revenue also increasing.
Compared to the immediately preceding quarter, revenue was lower, but gross profit and cost of revenue data for that quarter are not available. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, and gross margin improved.
Monitor the relationship between revenue and cost of revenue in future quarters to assess whether gross margin can sustain its year-over-year improvement.