PulteGroup 3Q loss narrows, revenue up 7%
Homebuilder PulteGroup Inc. (PHM) posted a third-quarter loss of $129 million, or 34 cents a share, as the homebuilder grappled with a goodwill impairment charge of $241 million and land-related charges. The company's improved condition fell below the average analyst projection of a 1 cent-per-share loss. Still, the builder noted revenue from home sales rose 7% to $1.1 billion, up from $1 billion a year earlier. The jump in revenue is tied to a 9% increase in unit closing volumes, with the builder closing on 4,198 homes in the third quarter. Comparatively, Pulte posted a loss of $995.1 million, or $2.63 a share, last year. The deep 2010 third-quarter loss was attributed to goodwill impairment, land and insurance charges. The average home selling price fell to $262,000, reducing third-quarter home sale revenue by 1%. Meanwhile, net new home orders remained in line with 2010 levels with Pulte recording 3,564 orders in the third quarter. Write to Kerri Panchuk.