PulteGroup (NYSE:PHM) reported its Q1 earnings results yesterday, with EPS coming in at $2.35, better than the Street estimate of $1.82. Revenue was $3.5 billion, beating the Street estimate of $3.26 billion.

The company closed 6,394 homes in the quarter (vs. Street estimate of 5,567). This was above guidance for 5,400 to 5,700 homes. The gross margin of 28.4% was also above the guidance of 27%.

Net new orders fell 8% year-over-year to 7,354. This was better than the Street estimate for a 26% drop.