Two of the largest US homebuilders said quarterly profit per share fell short of analyst expectations as elevated mortgage costs and global turbulence slowed activity and pushed orders lower. PulteGroup also pared back its full year home delivery target by as many as 2,000 homes.
"There's so many things out there that we just have zero control over," PulteGroup CEO Ryan Marshall told analysts. He cited high gasoline prices and weaker consumer confidence, and noted that some potential buyers are sidelined because selling their current homes is proving tough.
NVR has now failed to meet earnings predictions for three consecutive quarters, and its revenue was lower by 13% versus the same period last year. That lines up with the broader slowdown hitting orders across the sector.
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In early New York trading, PulteGroup rose as much as 4%, and the shares are roughly flat year to date. NVR scarcely moved on Thursday, and the shares are off about 18% for the year.
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