Builder PulteGroup Reports Lower Income

Bloomfield Hills, MI, April 24, 2014 -- Homebuilder PulteGroup reported first quarter net Income of $75 million, or $0.19 per share, compared to net income of $82 million, or $0.21 per share, a year ago.

The company also reported pretax income of $130 million, an increase of 58% over the $82 million recorded a year ago.

Home sale revenues were $1.1 billion, which was comparable with last year.  Revenues for the quarter reflect a 10%, or $30,000, increase in average selling price to $317,000, offset by a 10% decrease in closings to 3,436 homes.