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| Pulte Homes reports 1Q 2007 results Pulte Homes announced financial results for its first quarter ended March 31, 2007. For the quarter, the Michigan-based builder reported a net loss of $85.7 million, or $0.33 per share, compared with $262.6 million of net income for the prior year first quarter, or $1.01 per share. Consolidated revenues for the quarter were $1.9 billion, a decline of 37% from prior year revenues of $3 billion. "Overall, the homebuilding environment remained challenging during the first quarter of 2007, as elevated inventory levels combined with weak consumer confidence for housing continue to place pressure on results", said Richard J. Dugas, Jr., President and CEO of Pulte Homes. "During this period of market weakness, Pulte continues to focus on maintaining a healthy balance sheet and adjusting our house and land inventory levels to better match current market conditions." Revenues from homebuilding settlements in the first quarter decreased 38% to $1.8 billion compared with $2.9 billion last year. The change in revenue for the quarter reflects a 37% decrease in closings to 5,420 homes, and a 2% decrease in average selling price to $330,000. write your comments about the article :: © 2007 Construction News :: home page |