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PulteGroup

PulteGroup, Inc.
FormerlyPulte Homes, Inc.
Company typePublic company
IndustryHome construction
Founded1950; 74 years ago (1950)
FounderBill Pulte
HeadquartersAtlanta, Georgia, U.S.
Key people
 Ryan R. Marshall, CEO & President
John Chadwick, EVP
G. Robert T. O'Shaughnessy, CFO
Production output
28,894 new home deliveries
RevenueIncrease US$13.927 billion (2021)
Increase US$1.93 billion (2021)
Total assetsIncrease US$13.353 billion (2021)
Total equityIncrease US$7.49 billion (2021)
Number of employees
6,182 (2021)
Websitepultegroupinc.com
Footnotes / references
[1][2]

PulteGroup, Inc. is an American residential home-construction company based in Atlanta, Georgia, United States. As of 2023, the company is the third-largest home-construction company in the United States based on the number of homes closed.[3][4] In total, the company has built over 775,000 homes.[1]

The company operates in 44 markets in 23 states.[1] In 2021, it ranked 284th on the Fortune 500.[5] The company was founded by Bill Pulte in Michigan, and moved its headquarters to Atlanta in 2014. Since 2016, Ryan Marshall has been the president and CEO of the company.[6]

History

Early history

In 1950, at the age of 18 years, Bill Pulte, began building and selling houses.[7] In 1956, he formed the company, Pulte Homes, Inc which was based in Bloomfield Hills, Michigan.[7][1] In 1972, the company became a public company via an initial public offering.[8] In 1998, the company acquired Divosta for an estimated $150 million,[9] and it also acquired Radnor Homes for an undisclosed amount.[10]

Since 2000

In 2001, Pulte Homes, Inc acquired Del E. Webb Construction Company, founded by Del Webb, for $1.8 billion.[11] In 2003, the company acquired Sivage-Thomas Homes.[12] In 2009, the company acquired Centex for $1.3 billion in stock.[13][14] In August 2014, the company acquired the real-estate assets of Dominion Homes for $82 million.[15]

The company changed its name from Pulte Homes, Inc. to PulteGroup, Inc. in March 2010.[16] In 2013, PulteGroup launched Built to Honor program, which provides homes to veterans with disabilities from the Army, Marine Corps, Navy, Air Force, and Coast Guard, as well as Gold Star families in 18 U.S. states.[17]

In 2016, the company acquired some homebuilding assets of John Wieland Homes and Neighborhoods, a premier builder of luxury homes.[18] In April 2019, the company acquired the homebuilding operations of American West Homes for $150 million.[19]

Financials

Year Revenue in million US$[20] Net income in million US$[21] Average stock price

in US$[22]

Employees
2023 16,062 2,593 71.12 6382[23]
2022 16,003 2,601 43.04 6524[23]
2021 13,737 1,930 49.81 6182[23]
2020 11,036 1,394 37.25 5249[23]
2019 10,213 1,006 30.86 5245[23]

Criticism

Stucco defects in Florida homes

In 2019, after an investigation by Florida Attorney General Ashley Moody, Pulte agreed to pay $4.7 million in restitution and make repairs to houses it sold in Florida that had cracks in stucco applied to a wood frame, stucco delamination, and improper installation of weep screed.[24][25]

Dismissed lawsuit regarding propping up sale prices

In October 2009, a class-action lawsuit was filed by Steve Berman accusing the company of artificially propping up house sales prices and contributing to the United States housing bubble. The lawsuit was dismissed by the court.[26]

References

  1. ^ a b c d "PULTEGROUP, INC. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "PulteGroup Revenue 2010-2022". www.macrotrends.net.
  3. ^ "The Top 100". builderonline.com. 2023. Retrieved 2023-10-13.
  4. ^ "The Top 100". Hanley Wood.
  5. ^ "Fortune 500: PulteGroup". Fortune.
  6. ^ Krantz, Matt (September 8, 2016). "PulteGroup appoints Ryan Marshall as new CEO". USA Today.
  7. ^ a b Szczesny, Joseph (February 16, 2010). "Founder of Pulte Homes resigns after 60 years". The Oakland Press.
  8. ^ Downer, Blake (19 June 2023). "PulteGroup Is Building Long-Term Shareholder Value (NYSE:PHM)". seekingalpha.com.
  9. ^ "Pulte Expands Southeast Operations By Buying Divosta". The New York Times. Bloomberg News. July 2, 1998.
  10. ^ "Radnor Homes sold". American City Business Journals. May 27, 1998.
  11. ^ Umberger, Mary (May 2, 2001). "Pulte Homes to buy rival Del Webb for $1.8 billion". Chicago Tribune.
  12. ^ "Pulte buys Sivage-Thomas Homes". American City Business Journals. July 2, 2003.
  13. ^ "Pulte Homes and Centex Shareholders Overwhelmingly Approve Merger" (Press release). Business Wire. August 18, 2009.
  14. ^ Clifford, Catherine (April 8, 2009). "Pulte Homes in $3.1 billion merger". CNN.
  15. ^ Staff (October 24, 2014). "Dominion Homes assets brought $82.7 million in sale to Pulte". The Columbus Dispatch.
  16. ^ Whelan, Robbie (May 30, 2013). "PulteGroup to Move Headquarters to Atlanta". The Wall Street Journal.
  17. ^ Staff (3 July 2023). "PulteGroup Celebrates the 10th Anniversary of its Built to Honor® Program, Recognizing and Thanking Our Nation's Veterans". Yahoo Finance.
  18. ^ "PulteGroup Completes Acquisition of Certain Homebuilding Assets of John Wieland Homes and Neighborhoods". www.prnewswire.com. 15 January 2016.
  19. ^ Segall, Eli (April 29, 2019). "Las Vegas developer Larry Canarelli sells homebuilding operations". Las Vegas Review-Journal.
  20. ^ "PulteGroup Revenue 2010-2024". www.macrotrends.net.
  21. ^ "PulteGroup Net Income 2010-2024". www.macrotrends.net.
  22. ^ "PulteGroup Stock Price History". www.macrotrends.net.
  23. ^ Wille, Chris (February 19, 2019). "Relief for Pulte homeowners". Sarasota Herald-Tribune.
  24. ^ Brown, Angela (January 30, 2019). "Sun City lawsuit settlement won't do "diddly squat," homeowners say". WCIV.
  25. ^ Caulfield, John (February 23, 2010). "California court dismisses class action lawsuit against Pulte Homes". Hanley Wood.
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