Builder Pulte Reports Lower Income, Higher Sales

Atlanta, GA, Oct. 23, 2014 -- Home builder PulteGroup, Inc. reported third quarter net income of $141 million, or $0.37 per share.

Net income for the period reflects $84 million, or $0.22 per share, of income tax expense. Net income a year ago of $2.3 billion, or $5.87 per share, reflected $2.1 billion, or $5.42 per share, of income tax benefit.

Home sale revenues 4% to $1.6 billion, driven by an 8% increase in average selling price to $334,000.

"Our view of the U.S. housing market remains positive, as continued improvements in both the economy and employment provide ongoing support to an industry that continues to benefit from low inventory, low mortgage rates and favorable demographic trends," said CEO Richard J. Dugas, Jr.

"Further, we are encouraged by proposed changes at FHFA which have the potential to improve mortgage availability, particularly for first-time homebuyers. Consistent with our expectation for an ongoing recovery in housing, we have authorized $2.4 billion for land investment in 2015, an increase of $600 to $700 million over our expected 2014 land expenditures."