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| Pulte Homes expects loss in second quarter Pulte Homes, the second-largest U.S. home builder, announced preliminary results for its second quarter 2007. The company expects a loss from continuing operations in the range of $2.00 to $2.10 per share. Pulte Homes anticipates to record impairments and land-related charges of $740 million to $770 million, or approximately $1.85 to $1.92 a share. The company also will record a charge of approximately $40 million, or approximately $0.10 a share, for restructuring costs. Net new orders were 7,532 for the second quarter of 2007, down 20% compared with the second quarter of 2006. Pulte Homes closed 5,938 homes during the quarter, 40% lower than the prior year quarter. There were 14,928 units in backlog at the end of the second quarter 2007, valued at $5.2 billion. "The difficult conditions that plagued the homebuilding industry in the first quarter of 2007 worsened in the second quarter, with increased competitive pricing pressures, elevated levels of new and resale home inventory, and weak consumer sentiment for housing affecting the entire industry", said Richard J. Dugas, Jr., President and CEO of Pulte Homes. write your comments about the article :: © 2007 Construction News :: home page |