Pulte turns a profit, backlog grows
Earlier this week Pulte released second quarter financial results, reporting net income of $76 million, or $0.20 per share, including a net benefit from income taxes of $82 million.
This was their first profitable quarter since 2006.
Sales in the quarter were 5,030 homes (562 in the western region )at an average selling price of $251,000. Quarter-end backlog was 5,644 homes (675 in the western region), and the cancellation rate was 18.2%. The Company ended the quarter with a cash balance of $2.7 billion and values their goodwill at $895 million. For the complete press release, see HERE.
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