Builder Pulte Swings to Profit

Bloomfield Hills, MI, July 26, 2012 -- Homebuilder PulteGroup reported second quarter net income of $42 million, or $0.11 per share compared to a net loss of $55 million, or $0.15 per share, a year ago.

"With each passing quarter, we grow more confident that new home demand has found its footing and is moving along a path toward a gradual recovery," said CEO Richard J. Dugas, Jr.

Revenue from home sales in the second quarter increased 14% from the prior year to $1.0 billion, Pulte said. Higher revenue for the period was driven by an 8% increase in average selling price to $268,000, combined with a 5% increase in closings to 3,816 homes.