PulteGroup
Q1 2022 Earnings Call
Apr 28, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the PulteGroup Inc. Q1 2022 earnings conference call.
Today's conference is being recorded. [Operator instructions] And Jim Zeumer, you may begin your conference.
Jim Zeumer -- Vice President, Investor Relations and Corporate Finance
Great. Thank you, Abby. Good morning. Thanks, everyone, for participating in today's call to discuss PulteGroup's first quarter earnings for the period ended May 31, 2022.
Q1 represents another quarter of strong financial results and has gotten the year off to a great start for us. I'm joined on today's call by Ryan Marshall, president and CEO; Bob O'Shaughnessy, executive vice president and CFO; and Jim Ossowski, senior VP, finance. A copy of our earnings release and this morning's presentation slides have been posted to our corporate website at pultegroup.com. We'll also post an audio replay of this call later today.
Please note that as part of this morning's call, we will review our prior-year results as reported and as adjusted to exclude the impact of a $61 million pre-tax charge associated with the bond tender and a $10 million pre-tax insurance benefit recorded in the period. A reconciliation of prior-year adjusted results and reported financial results is 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. I also 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. Now let me turn the call over to Ryan Marshall.
Ryan?
Ryan Marshall -- President and Chief Executive Officer
Thanks, Jim, and good morning. As Bob will detail shortly, PulteGroup delivered outstanding first quarter financial results with year-over-year growth of 18% home sale revenues and 43% in adjusted earnings per share. The significant increase in our Q1 earnings per share reflects gains in a number of areas, including higher selling prices, expanded gross margins, increased overhead leverage, and our active share repurchase program. PulteGroup's first quarter financial results are just the most recent in a string of strong quarters that have raised our return on equity to 29.4% for the trailing 12 months.