BUZZ-Homebuilder shares fall after NVR, Pulte post lower quarterly profit
KB Home KBH | 0.00 | |
Lennar Corporation Class A LEN | 0.00 | |
PulteGroup, Inc. PHM | 0.00 | |
M/I Homes, Inc. MHO | 0.00 | |
NVR, Inc. NVR | 0.00 |
** Homebuilder stocks fall after PulteGroup PHM.N and NVR NVR.N report lower quarterly profit
** S&P 500 homebuilders' index .SPLRCHOME down 2.3%; broader PHLX housing index .HGX down 1.2%
** NVR shares fall 3.3%, making it one of the biggest losers in the S&P 500 consumer discretionary sector .SPLRCD
** Co's Q2 EPS to falls 23% to $83.96, vs analysts' estimate of $89.98 per share; revenue falls more than 10% year-on-year to $2.28 bln, missing expectations of $2.39 bln, according to LSEG-compiled data
** PulteGroup down 2.6% after reporting Q2 EPS of $2.48, above Street expectations but down from last year's $3.03 per share; revenue falls to $3.98 bln from $4.40 bln last year
** Overall, market conditions remain highly competitive as macroeconomic uncertainty, volatile interest rates and strained affordability weigh on housing demand, but there are early signs that conditions may be stabilizing in select geographies around the country - PulteGroup CEO Ryan Marshall
** Homebuilders M/I Homes MHO.N and KB Home KBH.N fall more than 2%, Lennar LEN.N down 1.8%