morning. good and Ryan Thanks
earnings PulteGroup's morning's this impacted release, in items. noted As significant results fourth-quarter by several were
far more as items. our start my While in we webcast on it these as have sense would the little a tables make comments providing release reconciliation I detail provided thought slides, by non-GAAP and to
our this would is we year strategic in this our recorded land higher of of charge $XX I house costs. positions. and our one where exit we through charge sale home note to realized land project the when land the non-core we area where in relates prices. a significant we from conditions primarily made took sell charge estimates First, future cost for is sales competitive construction an in project to limit million select development This The offset QX in and that increases to revenues. cost action different decision increases ability
XXXX this land related our of Offsetting construction includes As a our the to last disposed more to fourth-quarter a million that benefit half similar SG&A $XXX construction in deferred in December. the Jobs of from expense. recorded estimates. Tax of benefit our of reevaluation charges of million law primarily continued expectation. those than development note compared lowered in tax And that we trends benefit associated Cuts I our would the already is included future year. by and enacted the of recorded among included assets our related favorable Clearly provision dramatically reserves. tax tax $XX we the finally, the tax claims lots have with in quick charge, largely the update, in with will consistent fourth new driven the corporate quarter a actuarial lower prices was reversal resulting assets primarily This we Act rates at
and be rate beyond, call my to I part will will on of that tax later XXXX tax cash our this XXXX. perspective taxpayer allow a for we in lower given tax in the importantly, More address new cash expect payments. as law comments
onto move me our fourth-quarter a of let results. operating Now review
increased the period increased XX% XXXX first-time homes. over absorption homes. the QX XXXX buyers increased homes, to as buyers changes We buyer XX% for homes, year. last active count, in among XX% to prior orders for among among to Our XXXX community to XXXX move-up groups all over net orders X% Adjusting X% realized increased pace our of new and increased year growth adult for orders buyers orders our in
respectively, XXXX. and adult quarter, absorption It buyers being country. including across move-up confidence X%. XX% first-time We in positive active benefits paces the in increase down strong our X% economic, represent the worth and highest demonstrates that that believe number gains paces XX% trends and continues increase dynamics, pace of a is X% to quarterly the was demand the our while by consumer as orders of it increased among housing For highlighting from employment improve experienced this
statement, over $X.X billion. Looking were to quarter last XX% at our up for year income sale revenues the home
average closings first-time, were and the with resulted $XX,XXX sales an active in across The were increase XX% revenues all for or combined quarter $XXX,XXX X% in more from were shows increase buyer first-time, towards closing adult. XX% coupled higher move-up price of group price Our $XXX,XXX. In year fourth to homes, up with reflects move-up shift were XX% sales XX% groups. and mix realized higher were prices a modest average the quarter, move selling XX% active adult. volumes were increase by to a prior Analyzing X% XXXX XX% buyer homes, a in
price $XXX,XXX, In sales during homebuyers move-up increased X% to up was gained to QX, $XXX,XXX fact, X% our adult average to first to $XXX,XXX. X% active time and
backlog the $XXX,XXX, to With continue additional closing price expect to will XX% we ASPs in up average move an higher.
have higher. are routinely Northern geographic we our in in numbers California, sales California, where As prices investment increased discussed mix matters quarters, as prior reflect particularly much
Moving margin, line down fourth-quarter in charge the I was income is land previous statement, discussed with gross which the excludes which our our XX.X% adjusted earlier, guidance.
our over option continue in or last performance Our enhance lot $XXXX X% year revenues approximately premiums and $XX,XXX strategic to quarter to programs per the home. our pricing increased as margin
to of and QX at with year. continue last of which this X.X% were our year sales in use QX We control incentives, of line also revenues,
$XXX benefit sale year. insurance was home overheads, compares or of adjusted the to $XXX with in of excluding fourth Turning SG&A million I of discussed This or adjusted home QX sale earlier, our of XX.X% quarter revenues revenues. million last SG&A, X.X%
of our gains we fact of with in points basis XX.X% full the pleased for drove realized which the spend, adjusted revenues year. are SG&A fell the home with XXXX. of more XXX We sale prior leverage in year, basis we as is points XXX the realized Even we the quarter overhead impressive compared to that in improvement
We continue opportunities look in to for beyond. efficiencies XXXX, and to additional capture
decrease income for prior originations last our for adjusted was the On XX% primarily environment experienced as we which which increase income of mortgage was in represents our $XX over the with the driven throughout reported capture we pre-tax with our in pre-tax basis, $XX by year. million, an financial competitive XXXX pricing pre-tax the the million, The million year. million in income more prior income have quarter, much compares of In fourth services compares rate reported at quarter. total, our the quarter was XX%, was pre-tax adjusted an which $XXX XX% $XXX in Looking year.
effective earlier, consistent mentioned previously items Turning excluding with guidance. represents adjusted taxes, tax tax is million. to generally an fourth-quarter This I our rate of expense, was which the issued our income $XXX tax XX.X%,
basis, per share the our share for fourth of last which increase which year. Our were quarter a last represents QX adjusted per share adjusted earnings quarter reporting year. earnings earnings per $X.XX $X.XX share of compares share to per $X.XX XX% On our reported the earnings in an were over per
per million XXX or Our count primarily a shares outstanding QX share shares earnings million share XX% for calculated outstanding, of The down from million share approximately XX resulted is year. of last approximately which repurchase activities. was using from our XXX decrease
per Looking at at balance we debt stock in sheet, $XXX million million in of X.X of million $XXX of share. price our with the of fourth average retired senior $XX.XX quarter the repurchased repurchasing our that we quarter. common after million the quarter an ended total, having In October, shares $XXX during matured cash and
end had remaining. of $XX the of we approximately share repurchase year, authorization million of As the
million For stock. repurchased of the full year, $XXX worth we
shy repurchase a billion $X with of today announced share share in expect continue million ratio To incremental ended $XXX our authorization. repurchase debt-to-capital approved the XX%. activity we year of that that we of of of just directors an end, We the to XXXX. repurchases, expected While board
normal XXXX. targeted expected, back end range we us the but As of XX% the that of XX%, by move range to debt-to-cap outside just operations is our inside will anticipate this business
remain over primarily regard backlog switching an under inventory. disciplined the at of we Now increase construction, the sold which as operations, last The the year. with homes of X,XXX increase with we spec production end higher had approximately of to year homes compared reflects X,XXX to is
XXX In fact, only last with from homes, we the essentially unchanged ended spec which finished quarter is year.
risks bring Del XX,XXX approximately XXX,XXX which quarter, the lots In under totaling two our controlled just our XX overall reduced expect controlled For quarter, land land efforts which optioning to billion, the quarter, to improve our as the $XXX lots, are investment asset the These communities. of year successfully just new result efficiency housing the the and our new with communities, we on planned have from for spend we our for to line out position approximately year-end we lots lots to legislation. with our is X% fourth land favorable in did view Reflective operated XX% highlight acquisition to which bringing increase have would spent approximately prior and over for is At fourth XX%. our Webb we we market, our approved by change land option. a are I tax deals grow months the of ago. under the time, new X.X XXX guidance. down same of XX,XXX XXXX land and is XXXX by years increased in new an consistent of guidance. year lots with including $X.X XXXX. not XX of controlled acquisition, owned million reduce years, to spend our we X.X transactions lands option owned lots, acquisition of land that In Consistent
to with continue We progress fronts. pleased the on make are both we
the call $XXX,XXX typical back on me provide our this seasonal would closing of quarter. XXXX in throughout turning [indiscernible] range first $XXX,XXX outlook let in the include year. Before with Ryan, between Consistent the homes and XXXX to the to patterns,
of we cost, gross. of have with higher by lumber Consistent the we overhead see each Margins higher labor year offset additional in XX.X%. our for next comments for year, we the and of XX% the expect and the realize selling and quarters opportunities prices. gross made year currently concrete, reflect margins between land range the material volume margin previously, leverages at partially Looking for be for impact to to particularly and
As range of to revenues. to XX.X%. operating an suggested with expect in XX.X% of XX.X% SG&A XX.X% XXXX SG&A of an XXXX XX% an with be a we result sale operating margin of compared The suggested the home range compared of margin revenues resulting to XXXX XX.X% of
analyzing waiting XX.X% still are act we further our guidance Although complete the XXXX and rate for the discrete tax approximately we believe will items. act accounting to absolutely the interpretive be are tax
returned operating business and dividend million cash for in allocation priorities, re-share to capital growth capital repurchase would in expected an million projected the to our the shareholders. and us between in results activities. Consistent with strong $XXX XXXX. our continued position be Clearly, given of we quarter flow indicated, year of business, us be success Ryan helped available invest reduce expect before to $XXX have put this As and or have for generate strong performance, company in our leverage the fourth at very capped and excellent XXXX
Ryan turn for the Ryan? call back final call to let some to me Now comments.
