PulteGroup Net Income Surges in Fourth Quarter
Bloomfield Hills, MI, Jan. 31, 2013 -- Home builder PulteGroup reported fourth quarter net income of $59 million, or $0.15 per share compared to net income of $14 million, or $0.04 per share, a year ago.
"We now look ahead to 2013 with expectations for a continued rebound in U.S. housing driven by record low interest rates, higher rent vs. own costs, rising home prices and sharply lower overall housing inventory," said CEO Richard J. Dugas.
Home sale revenues totaled $1.5 billion, an increase of 27% over the prior year's fourth quarter. The increase in revenue was driven by a 20% increase in closings to 5,154 homes, combined with a 6% increase in average selling price to $287,000.
For the quarter, the company reported 3,926 net new orders, an increase of 27% over prior year orders of 3,084.