Fantastic earnings results from homebuilder PulteGroup, Inc. (PHM) are making its stock rise.

The Atlanta Journal-Constitution published an article in July discussing the “skyrocketing” growth of Atlanta. That's got me thinking about Atlanta stocks.

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Homebuilding stocks -- hypersensitive to rates and the U.S. economy -- are on the rise as investors rotate away from growth stocks into cyclicals due to increased prospects of an interest rate cut in September.

PulteGroup's (PHM) second-quarter 2024 results reflect strong deliveries, pricing and improved margins.

PulteGroup, Inc. has seen a strong performance in the past year, with shares rising over 55% amid a resilient housing market. Despite reporting solid earnings, shares dropped 2% likely due to profit taking after a strong rally given somewhat slower orders, which may prove transitory. PulteGroup's diverse business and buyer base, along with strong backlog and operating leverage, position it for profit growth and potential multiple expansion.

PulteGroup Inc. (NYSE:PHM ) Q2 2024 Earnings Conference Call July 23, 2024 8:30 AM ET Company Participants James Zeumer - Vice President, Investor Relations Ryan Marshall - President and Chief Executive Officer Robert O'Shaughnessy - Executive Vice President and Chief Financial Officer James Ossowski - Senior Vice President, Finance Conference Call Participants Stephen Kim - Evercore ISI John Lovallo - UBS Anthony Pettinari - Citi Michael Rehaut - JPMorgan Rafe Jadrosich - Bank of America Alan Ratner - Zelman & Associates Sam Reid - Wells Fargo Michael Dahl - RBC Capital Markets Susan Maklari - Goldman Sachs Operator Thank you for standing by and welcome to the PulteGroup's Second Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise.

While the top- and bottom-line numbers for PulteGroup (PHM) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

PulteGroup (PHM) came out with quarterly earnings of $3.58 per share, beating the Zacks Consensus Estimate of $3.21 per share. This compares to earnings of $3 per share a year ago.

PulteGroup is expected to beat estimates when it reports second-quarter earnings on Tuesday, according to FactSet.