ATLANTA, Dec. 2, 2015 /PRNewswire/ -- PulteGroup, Inc.
(NYSE: PHM) today announced that its Board of Directors has
approved an increase in the Company's quarterly cash dividend as
well as an expansion of its share repurchase authorization.
Specifically, the PulteGroup Board has declared a quarterly cash
dividend of $0.09 per common share
payable January 5, 2016, to
shareholders of record at the close of business on December 15, 2015. The $0.09 per share dividend represents a 13%
increase in the Company's quarterly payment.
PulteGroup also announced that its Board approved increasing its
$750 million share repurchase
authorization by $300 million.
At the end of the third quarter, the Company had $305 million available under the existing
repurchase authorization.
"PulteGroup's strong balance sheet and cash flow generation
gives us the flexibility to invest in our business and to return
funds to shareholders in the form of dividends and share
repurchases," said Richard J. Dugas,
Jr., Chairman, President and Chief Executive Officer of
PulteGroup. "We believe this disciplined approach to capital
allocation is clearly aligned with our fundamental goal of
delivering superior total shareholder returns through the housing
cycle."
The company may repurchase shares in the open market, in
privately negotiated transactions, or otherwise, depending on
prevailing market conditions and other factors. The share
repurchase program may be suspended or discontinued at any
time.
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," "project," "may," "can,"
"could," "might," "will" and similar expressions identify
forward-looking statements, including statements related to
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; continued volatility in the debt and equity markets;
competition within the industries in which PulteGroup operates; the
availability and cost of land and other raw materials used by
PulteGroup in its 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; the
availability and cost of insurance covering risks associated with
PulteGroup's 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; economic changes
nationally or in PulteGroup's 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,
2014, 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
approximately 50 markets throughout the country. Through its
brand portfolio that includes Centex, Pulte Homes, Del Webb and DiVosta Homes, 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 pultegroupinc.com; www.pulte.com; www.centex.com;
www.delwebb.com and www.divosta.com. Follow PulteGroup, Inc. on
Twitter: @PulteGroupNews.
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SOURCE PulteGroup, Inc.