Tags: US | Earns | Pulte

Pulte Trims Loss, Expects to Post Profit in 2010

Wednesday, 05 May 2010 06:50 AM

 

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PulteGroup Inc., the largest U.S. homebuilder, says it slashed its loss in the first quarter as it took fewer charges for inventory impairments.

Pulte cut its loss to $12.5 million, or 3 cents per share, from $514.8 million, or $2.02 per share, a year earlier. Revenue rose 75 percent, to $1.02 billion from $583.9 million. The latest quarter includes results from Centex Corp., which was acquired last fall.

Analysts expected a loss of 22 cents per share and $1.18 billion in revenue.

The Bloomfield Hills, Mich., company says home sales rose 77 percent from a year ago. Pulte says the value of its backlog doubled and it now expects to turn a profit in 2010.

Homebuilders have reported strong improvements in the first quarter due to federal tax credits for home buyers, low mortgage rates, and lower home prices.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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