Pulte Posts Loss Despite $917 Million Tax Refund
Pulte Homes posted a net Q4 loss of $117million, despite an upcoming $917-million tax refund later this year, including $800 million from the net operating loss carryback allowance.
Pulte Homes posted a net Q4 loss of $117million, despite an upcoming $917-million tax refund later this year, including $800 million from the net operating loss carryback allowance. During Q408, it reported a net loss of $338 million, and in Q309 it lost $361.4 million.
Despite the loss, other key indicators show progress with the builder:
- Total revenue was $1.6 billion, up from $1.5 billion in Q408.
- Gross margin from home sales during the quarter was 14.2%, up from 13.1% in Q309.
- Net new home orders increased 113% from Q408 to 3,748 homes.
- At the end of the year, the combined company had a backlog of 5,931 homes worth $1.6 billion.
Pulte closed its merger with builder Centex on August 18, 2009. During Q4 Pulte had $925 million in charges, including a goodwill impairment of $563 million resulting from its merger. Excluding those charges, Pulte would have broke even in the quarter. For 2009, Pulte reported a $1.2 billion net loss, versus a 2008 net loss of $1.5 billion. Total 2009 revenue was $4.1 billion, compared to total revenue of $6.3 billion in 2008.