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| Pulte Homes reports loss in second quarter US home builder Pulte Homes announced financial results for its second quarter and six months ended June 30, 2007. The company reported a loss from continuing operations of $507.6 million, or $2.01 per share. This compared with $243.9 million of income from continuing operations for the prior year second quarter, or $0.94 per diluted share. Consolidated revenues for the quarter were $2.0 billion, a decline of 40% from prior year revenues of $3.4 billion. Second quarter homebuilding pre-tax loss was approximately $803.2 million, compared with prior year pre-tax income of $380.8 million. Net new home orders for the second quarter were 7,532 homes, valued at $2.4 billion, which represents declines of 20% and 22%, respectively, from prior year second quarter results. Pulte Homes' ending backlog as of June 30, 2007 was valued at $5.2 billion (14,928 homes), compared with a value of $6.9 billion (19,516 homes) at the end of last year's second quarter. At the end of the second quarter 2007, the company's debt-to-capitalization ratio was 37.9%. For the six months ended June 30, 2007, Pulte Homes' loss from continuing operations was $593.2 million, or $2.35 per share, compared with prior year income from continuing operations of $506.5 million, or $1.95 per diluted share. Consolidated revenues for the period were $3.9 billion, down from $6.3 billion for the first six months of last year. Homebuilding pre-tax loss for the period was approximately $951.6 million, compared with pre-tax income of $758.4 million for the prior year period. For the third quarter of 2007, Pulte Homes are projecting income from continuing operations in the range from $0.10 to $0.20 per diluted share. write your comments about the article :: © 2007 Construction News :: home page |