Print
EmailPulte reports financials for Q2, first six months of 2011
Net loss and lower revenue, but consistent new home orders, from prior year
July 29, 2011
Pulte reports financials for Q2, first six months of 2011
On Thursday, Pulte announced financial results for its second quarter and six months ended June 30, 2011. For the quarter, the company reported a net loss of $55 million, or $0.15 per share, compared with net income of $76 million, or $0.20 per share, in the prior year.
PulteGroup's second quarter results included $41 million, or $0.11 per share, of land, mortgage, organizational restructuring and debt repurchase charges. Prior year results included $48 million, or $0.13 per share, of land, mortgage and organizational restructuring charges, offset by a net benefit from income taxes of $82 million, or $0.22 per share.
Revenue from home sales in the second quarter decreased 29 percent from the prior year to $900 million. Lower revenue for the period was driven by a 28 percent decrease in closings, combined with a 1 percent decrease in average selling price to $248,000. Prior year results benefited from increased demand stimulated by a first-time homebuyer tax credit, which expired April 30, 2010.
Net new home orders for the second quarter were 4,222, which was consistent with the prior year and down 3 percent compared with the first quarter of 2011. PulteGroup's quarter-end backlog was up 2 percent to 5,777 homes with a value of $1.6 billion, compared with a prior year backlog of 5,644 homes with a value of $1.6 billion.
For more information: http://phx.corporate-ir.net/phoenix.zhtml?c=77968&p=irol-newsArticle&ID=1589979&highlight
Comments on: "Pulte reports financials for Q2, first six months of 2011"
RELATED ARTICLES
From what I gather in my dealings with builders and designers, our industry underutilizes spreadsheets.
Having been in this industry for more than 40 years, I know from personal experience that our industry has always recovered from previous recessions. I contend, however,...
Search Our Buyer's Guide
Apps for builders & remodelers
a1Apps, Inc.
This feet and inches calculator for residential builders is an ideal tool...
Reference Library
Professional Remodeler’s annual Market Leaders list, which identifies the top...
With demand for custom design, remodeling, and renovations at its highest level since 2005, ...
Normandy Remodeling converts confined kitchen into sprawling galley.
Each year, the National Kitchen and Bath Association surveys its members to identify the latest...
Each year, the National Kitchen and Bath Association surveys its members to identify the latest...
