Pultegroup says withdrawing previous guidance for 2020 financial results

Pultegroup, inc. reports first quarter 2020 financial results.q1 earnings per share $0.74.q1 earnings per share estimate $0.70 -- refinitiv ibes data.company provides update on covid-19 impact and response strategies.qtrly closings increased 16% to 5,373 homes.qtrly net new orders increased 16% to 7,495 homes; net new order value increased 19% to $3.3 billion.quarter-end unit backlog higher by 20% to 12,629 homes; backlog value increased 21% to $5.6 billion.withdrawing our previous guidance for pultegroup's 2020 financial results.home sale revenues for q1 increased 14% to $2.2 billion.experienced a material slowdown in consumer traffic and sales activity beginning in mid-march.taken steps to closely manage cash flows and overall liquidity.ended quarter with $1.9 billion of cash.elected to draw on revolving credit agreement in an abundance of caution.elected to suspend all stock repurchase activities.qtrly total revenue $2.29 billion versus about $2 billion.q1 revenue view $2.31 billion -- refinitiv ibes data.
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