PulteGroup, Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total revenues of $2,793,557,000 against $2,493,078,000 a year ago. Income before income taxes was $408,767,000 against $413,721,000 a year ago. Net income was $77,415,000 against $273,172,000 a year ago. Net income per basic and diluted share was $0.26 against $0.83 a year ago. Adjusted income before income taxes was $400,224,000 against $359,552,000 a year ago. Adjusted net income was $252,743,000 against $222,868,000 a year ago. Adjusted earnings per diluted share was $0.85 against $0.67 a year ago. Home sale Revenue was $2,717,031,000 against $2,423,472,000 a year ago. Higher revenues for the period were driven by a 7% increase in closings to 6,632 homes, combined with a 5%, or $19,000, increase in average sales price to $410,000.


For the year, the company reported total revenues of $8,573,250,000 against $7,668,476,000 a year ago. Income before income taxes was $938,828,000 against $933,850,000 a year ago. Net income was $447,221,000 against $602,703,000 a year ago. Net income per diluted share was $1.44 against $1.75 a year ago. Net cash provided by operating activities was $663,077,000 against $68,270,000 a year ago. Capital expenditures were $32,051,000 against $39,295,000 a year ago. Adjusted income before income taxes was $1,063,413,000 against $916,354,000 a year ago. Adjusted net income was $679,467,000 against $567,611,868,000 a year ago. Adjusted earnings per diluted share was $2.19 against $1.66 a year ago. Home sale Revenue was $8,323,984,000 against $7,451,315,000 a year ago.

The company provides guidance for the year 2018. The company currently expects gross margin for each of the quarters, and for the year, to be in a range between 23% and 23.5%. Margins for the year reflect the impact of higher land, labor and material costs, particularly lumber and concrete, partially offset by higher selling prices. The resulting operating margin range of 11.5% to 12.5% compares with 2017's adjusted operating margin of 12.1%. The company believes 2018 tax rate will be approximately 25.5% absent any discrete items.