Pulte expects to be profitable in 2010
From the Pulte press release:
PULTEGROUP, INC. REPORTS FIRST QUARTER 2010 FINANCIAL RESULTS
• First Quarter Loss of $0.03 Per Share, Compared With Prior Year Loss of $2.02 Per Share
• Closings Increase 77% to 3,795 Homes, as Total Revenue Climbs to $1 Billion
• Backlog Value Doubles Over Prior Year to $1.7 Billion, Representing 6,456 Homes
• Company Ends Quarter with $2.6 Billion Cash Balance; Net-Debt-to-Total- Capitalization Ratio Drops to 35%
• Improved Q1 Results Put Company in Position to be Profitable for 2010
Bloomfield Hills, Mich., May 5, 2010 – PulteGroup, Inc. (NYSE: PHM) announced today financial results for its first quarter ended March 31, 2010. For the quarter, the Company reported a net loss of $12 million, or $0.03 per share, compared with a loss of $515 million, or $2.02 per share, for the comparable prior year period. PulteGroup’s first quarter loss includes approximately $8 million of pre-tax charges related to inventory impairments and other land- related charges. For the prior year, comparable charges totaled $410 million.
Consolidated revenues for the quarter were $1.0 billion, an increase of 75% from first quarter 2009 revenues of $584 million.
On August 18, 2009, PulteGroup completed its merger with Centex Corporation. The Company’s 2010 first quarter results are inclusive of Centex’s operations for the entire period. Prior year results have not been adjusted for this transaction.
“In our planning process for 2010, we assumed conditions in the U.S. housing industry would be comparable with the second half of 2009, with relatively stable demand and pricing,”...
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