ATLANTA--(BUSINESS WIRE)--
PulteGroup, Inc. (NYSE: PHM) announced today that its Board of Directors
has approved an increase of $500 million to its share repurchase
authorization. As of May 15, 2019, there was $262 million remaining
under the current plan, so the Company’s share repurchase authorization
now totals approximately $762 million.
As detailed in a separate press release, PulteGroup announced that it
will commence a cash tender offer for $300 million of its 4.250% senior
notes due 2021.
“Driven by the ongoing strength of our homebuilding operations, we ended
the first quarter of 2019 in an outstanding financial position with $1.1
billion of cash and $1.8 billion of total available liquidity,” said
Ryan Marshall, PulteGroup president and CEO. “Our resulting balance
sheet strength affords us the flexibility to capitalize on market
opportunities and execute on our capital allocation objectives.
“Reflecting our constructive view of the housing market, we expect to
invest approximately $2.9 billion, inclusive of our recently closed
transaction with American West, in land acquisition and development in
2019, which is an increase of approximately 10% over 2018. Strategically
investing in our business, repurchasing shares and paying down debt are
all consistent with our stated capital-allocation priorities and with
our goal of delivering high returns over the housing cycle.”
This press release is not an offer to sell or to purchase or a
solicitation to purchase or accept any securities.
Forward-Looking Statements
This press release includes "forward-looking statements." These
statements are subject to a number of risks, uncertainties and other
factors that could cause our actual results, performance, prospects or
opportunities, as well as those of the markets we serve or intend to
serve, to differ materially from those expressed in, or implied by,
these statements. You can identify these statements by the fact that
they do not relate to matters of a strictly factual or historical nature
and generally discuss or relate to forecasts, estimates or other
expectations regarding future events. Generally, the words “believe,”
“expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “may,”
“can,” “could,” “might,” "should", “will” and similar expressions
identify forward-looking statements, including statements related to any
impairment charge and the impacts or effects thereof, expected operating
and performing results, planned transactions, planned objectives of
management, future developments or conditions in the industries in which
we participate and other trends, developments and uncertainties that may
affect our business in the future.
Such risks, uncertainties and other factors include, among other things:
interest rate changes and the availability of mortgage financing;
competition within the industries in which we operate; the availability
and cost of land and other raw materials used by us in our homebuilding
operations; the impact of any changes to our strategy in responding to
the cyclical nature of the industry, including any changes regarding our
land positions and the levels of our land spend; the availability and
cost of insurance covering risks associated with our businesses;
shortages and the cost of labor; weather related slowdowns; slow growth
initiatives and/or local building moratoria; governmental regulation
directed at or affecting the housing market, the homebuilding industry
or construction activities; uncertainty in the mortgage lending
industry, including revisions to underwriting standards and repurchase
requirements associated with the sale of mortgage loans; the
interpretation of or changes to tax, labor and environmental laws which
could have a greater impact on our effective tax rate or the value of
our deferred tax assets than we anticipate; economic changes nationally
or in our local markets, including inflation, deflation, changes in
consumer confidence and preferences and the state of the market for
homes in general; legal or regulatory proceedings or claims; our ability
to generate sufficient cash flow in order to successfully implement our
capital allocation priorities; required accounting changes; terrorist
acts and other acts of war; and other factors of national, regional and
global scale, including those of a political, economic, business and
competitive nature. See PulteGroup's Annual Report on Form 10-K for the
fiscal year ended December 31, 2018, and other public filings with the
Securities and Exchange Commission (the "SEC") for a further discussion
of these and other risks and uncertainties applicable to our businesses.
PulteGroup undertakes no duty to update any forward-looking statement,
whether as a result of new information, future events or changes in
PulteGroup's expectations.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of
America's largest homebuilding companies with operations in more than 40
markets throughout the country. Through its brand portfolio that
includes Centex, Pulte Homes, Del Webb, DiVosta Homes and John Wieland
Homes and Neighborhoods, the Company is one of the industry's most
versatile homebuilders able to meet the needs of multiple buyer groups
and respond to changing consumer demand. PulteGroup conducts extensive
research to provide homebuyers with innovative solutions and consumer
inspired homes and communities to make lives better.
For more information about PulteGroup, Inc. and PulteGroup brands, go to www.pultegroup.com;
www.pulte.com;
www.centex.com;
www.delwebb.com;
www.divosta.com
and www.jwhomes.com.
Follow PulteGroup, Inc. on Twitter: @PulteGroupNews
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Investors: Jim Zeumer
(404) 978-6434
Email: [email protected]
Source: PulteGroup, Inc.