PulteGroup
Q2 2022 Earnings Call
Jul 26, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the PulteGroup, Inc. Q2 2022 earnings conference call.
[Operator instructions]. Jim Zeumer, you may begin.
Jim Zeumer -- Vice President, Investor Relations and Corporate Finance
Great. Thank you, Chris, and good morning. I appreciate everyone joining today to review our -- PulteGroup conference call to review our second quarter results for the period ended June 30, 2022. Joining me to discuss PulteGroup's strong second quarter are Ryan Marshall, president and CEO; Bob O'Shaughnessy, executive vice president and CFO; Jim Ossowski, senior vice president, finance.
A copy of this morning's earnings release and the presentation slides that accompany today's call have been posted to our corporate website at pultegroup.com. We'll also post an audio replay of this call later today. I want to highlight that in addition to reviewing our reported Q2 results, we will also be reviewing adjusted results for the second quarter of last year. Adjusted results exclude the impact of a $46 million pre-tax insurance benefit as well as a tax benefit of $12 million, resulting from a change in valuation allowances associated with state net operating loss carryforwards.
A reconciliation of our adjusted results to our reported financials included in this morning's release and within today's webcast slides. We encourage you to review these tables to assist in your analysis of our business performance. As always, I want to alert everyone that today's presentation includes forward-looking statements about the company's expected future performance. Actual results could differ materially from those suggested by our comments made today.
The most significant risk factors that could affect future results are summarized as part of today's earnings release and within the accompanying presentation slides. These risk factors and other key information are detailed in our SEC filings, including our annual and quarterly reports. Thank you. And now let me turn the call over to Ryan.
Ryan?
Ryan Marshall -- President and Chief Executive Officer
Thanks, Jim, and good morning. As you read in this morning's press release, PulteGroup delivered another quarter of exceptional and in many cases, record-setting financial results. Led by price appreciation and a 430 basis point expansion in gross margin, our second quarter earnings of $2.73 per share increased by 44% and 59%, respectively, over last year's reported and adjusted earnings per share. Our strong earnings performance helped to further reduce our debt-to-capital ratio to below 21%, while raising our return on equity for the trailing 12 months to north of 30%.