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PulteGroup grows revenue in third quarter

By: Associated Press//October 27, 2011//

PulteGroup grows revenue in third quarter

By: Associated Press//October 27, 2011//

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A Pulte Homes sign is seen at a residential home complex in Sunnyvale, Calif., recently. PulteGroup Inc.'s third quarter loss narrowed as the homebuilder incurred lower charges and recorded a higher tax benefit. (AP File Photo/Paul Sakuma)

BLOOMFIELD HILLS, Mich. (AP) — PulteGroup Inc.’s third quarter loss narrowed on lower charges and a higher tax benefit, and its revenue grew.

The homebuilder said Thursday that it was profitable if charges related to the decline in its stock price and other special items were stripped out. The Bloomfield Hills, Mich., company hasn’t posted a quarterly profit since summer 2010, according to FactSet.

PulteGroup’s stock has lost about 35 percent of its value this year.

Revenue rose 8 percent to $1.14 billion from $1.06 billion, beating Wall Street’s $1.06 billion estimate.

PulteGroup said operations improved despite the weak housing market. It cut costs and improved margins.

Home closings, a key component of revenue, rose 9 percent to 4,198 homes. But net new home orders were flat at 3,564 homes.

The company had a backlog of 5,143 homes, valued at $1.4 billion, on Sept. 30. A year ago, PulteGroup had a backlog of 5,345 homes, also valued at $1.4 billion.

New home sales have declined nationally this summer amid growing uncertainty over the U.S. economy, stubbornly high unemployment and concerns that U.S. home prices have yet to hit bottom.

PulteGroup operates in 29 states. Its Del Webb brand is the nation’s largest builder of communities for adults age 55 and over.


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