PulteGroup, Inc. stock research
FY2024 Q2
PulteGroup (PHM) Gross Margin — Quarter Ended Jun 30, 2024
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin improved slightly versus both periods, indicating that gross profit grew at a faster pace than cost of revenue.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin improved slightly versus both periods, indicating that gross profit grew at a faster pace than cost of revenue.
- The strongest observable margin driver is the relationship between revenue and cost of revenue, where revenue growth outpaced cost growth, leading to a higher gross margin.
- Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Compared to the same quarter one year earlier, all metrics were higher, and gross margin also improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
31.4%
Gross profit
$1.4B
Revenue
$4.6B
Cost of revenue
$3.2B
Quarter-over-quarter change
+0.4 pts
Year-over-year change
+0.3 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 |
|---|---|---|---|---|
| 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% |
| Jun 30, 2024 | $4.6B | $1.4B | $3.2B | 31.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
+0.4 pts
Year-over-year change
Jun 30, 2023
+0.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue, where revenue growth outpaced cost growth, leading to a higher gross margin.
Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Compared to the same quarter one year earlier, all metrics were higher, and gross margin also improved.
Monitor the trend in cost of revenue relative to revenue, as any shift in this relationship could affect gross margin stability.