Builder Pulte Buying Land Aggressively

Bloomfield Hills, MI, Oct. 29, 2013 -- PulteGroup Inc, the second largest U.S. home builder, reported that third quarter home sale revenues rose 21% to $1.5 billion, with the average selling price rising 11% to $310,000.

However, the company's orders fell 17% to 3,781 homes in the quarter.

Pulte said the slowdown would be short and the company expects to nearly double its spending on land purchases and development this year and will increase the outlay again next year.

Third quarter net income to $2.28 billion, or $5.87 per share, from $116.6 million, or 30 cents per share, a year earlier.

The results include the reversal of a deferred tax asset valuation allowance of $2.1 billion, or $5.42 per share.

Home sale revenue rose 21% to $1.49 billion.