PulteGroup, Inc. (PHM) Q3 2022 Earnings Call Transcript

PulteGroup, Inc. (NYSE:PHM) Q3 2022 Earnings Conference Call October 25, 2022 8:30 AM ET

Company Participants

Jim Zeumer - Vice President-Investor Relations & Corporate Communications

Ryan Marshall - President & Chief Executive Officer

Bob O’Shaughnessy - Executive Vice President & Chief Financial Officer

Jim Ossowski - Senior Vice President, Finance

Conference Call Participants

Carl Reichardt - BTIG

Stephen Kim - Evercore ISI

Michael Rehaut - JPMorgan

Matthew Bouley - Barclays

Anthony Pettinari - Citi

Ivy Zelman - Zelman & Associates

John Lovallo - UBS

Mike Dahl - RBC Capital Markets

Truman Patterson - Wolfe Research

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. Q3 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. Jim Zeumer, Vice President of Investor Relations and Corporate Communications, you may begin.

Jim Zeumer

Great. Thank you, Chris, and good morning. I want to welcome everyone to PulteGroup's earnings call for our third quarter ended September 30, 2022. Joining me to discuss PulteGroup's third quarter results are Ryan Marshall, President and CEO; Bob O’Shaughnessy, Executive Vice President and CFO; and Jim Ossowski, Senior Vice President, Finance. A copy of this morning's earnings release and the webcast slides that accompany this call have been posted to our corporate website at pultegroup.com. We will also post a replay of today's call later today.

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 the comments we make today. The most significant risk factors that could affect future results are summarized as part of today's earnings release and within the accompanying webcast 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

Thanks, Jim, and good morning. I suspect that throughout this morning's call, we will find ourselves delineating between the favorable demand environment that existed earlier this year, which drove PulteGroup's third quarter earnings versus the more challenging market conditions we're encountering today.

Stating the obvious, the primary difference between the two periods is that mortgage rates have more than doubled since the start of the year to upwards of 7%. Our Q3 earnings reflect the benefits of the strong demand and pricing conditions that existed at the end of 2021 and into the first few months of 2022.