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| Pulte Homes reports third quarter 2006 financial results Pulte Homes announced financial results for its third quarter and nine months ended September 30, 2006. For the quarter, income from continuing operations declined 50% to $191.5 million, compared with $382.4 million for the prior year third quarter. Third quarter earnings from continuing operations of $.74 per diluted share represents a decrease of 49%, compared with prior year earnings of $1.45 per diluted share. Consolidated revenues for the quarter were $3.6 billion, a decline of 6% from prior year revenues of $3.8 billion. Revenues from homebuilding settlements in the third quarter decreased 6% to $3.5 billion, compared with $3.7 billion last year. The change in revenue for the quarter reflects a 6% increase in average selling price to $335,000, offset by an 11% decrease in closings to 10,440 homes. The increase in average selling price primarily reflects geographic changes in the mix of homes closed during the period. Third quarter homebuilding pretax income declined 54% to $286.1 million, compared with prior year pretax income of $619.4 million. Net new home orders for the third quarter were 7,299 homes, valued at $2.4 billion, which represent declines of 39% and 40%, respectively, from prior year third-quarter results. Pulte Homes' backlog as of September 30, 2006, was valued at $5.8 billion (16,375 homes), compared with a value of $8.0 billion (23,666 homes) last year. For the nine months ended September 30, 2006, Pulte Homes' income from continuing operations was $697.9 million, compared with prior year income from continuing operations of $905.2 million. Earnings from continuing operations for the first nine months were $2.70 per diluted share, a decrease of 22% from prior year earnings of $3.44 per diluted share. Consolidated revenues for the period were $9.9 billion, up from $9.6 billion for the first nine months of last year. Revenues from homebuilding settlements for the period were $9.7 billion, an increase of 4% over the prior year. Nine month homebuilding pretax income declined 29% to $1.04 billion, compared with prior year pretax income of $1.48 billion. write your comments about the article :: © 2006 Construction News :: home page |