Pulte Homes swings to 4Q loss |
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Thu, 01 Feb 2007 00:11
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BLOOMFIELD HILLS, Mich. (AFX) - Pulte Homes Inc., one of the nation's biggest homebuilders, said Wednesday it swung to a fourth-quarter loss, hurt by slumping home closings and a large inventory charge amid the weakening housing market.The company reported a quarterly loss of $8.4 million, or 3 cents per share, compared with a prior-year profit of $574.5 million, or $2.19 per share. Total revenue declined to $4.39 billion from $5.13 billion.Wall Street, on average, expected a loss of a penny per share on revenue of $4.14 billion, according to an analyst poll by Thomson Financial.During the quarter, Pulte said closings fell 20 percent to 12,566 homes, offsetting a rise in average sales price per home of 6 percent to $341,000. The company's backlog value, as of Dec. 31, was $3.6 billion or 10,255 homes, down from $6.3 billion or 17,817 homes in the prior year.Also hurting the quarter was about $350 million -- 88 cents per share -- in charges related to adjustments to land inventory and land held for sale.'We witnessed some promising signs of stabilization at the conclusion of the quarter, and into the first month of 2007, although it's too early to tell how strong and sustainable this may prove to be in the months ahead,' President and Chief Executive Richard J. Dugas Jr. said in a statement.For the full year, earnings slumped to $687.5 million, or $2.66 per share, from $1.49 billion, or $5.68 per share, in the prior year. Total revenue dropped to $14.27 billion from $14.69 billion.Pulte shares rose $1.55, or 4.7 percent, to close at $34.34 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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