Home Builder Pulte Swings to Profit

Bloomfield Hills, MI, Aug. 4, 2010--Home builder PulteGroup, Inc. reported net income of $76 million, or $0.20 per share, compared with a prior year net loss for the second quarter of $189 million, or $0.74 per share.

The company said that closings doubled to 5,030 homes and revenue totaled $1.3 billion. It also reported a backlog of 5,644 homes valued at $1.6 billion.

A year ago, PulteGroup completed its merger with Centex Corporation.

Including Centex's operations, revenue from home sales increased 93% to $1.3 billion, compared with $654 million in the prior year.

"Recent buyer demand has been stable, albeit at very low levels, after the pull back experienced following expiration of the federal tax credit at the end of April," said CEO Richard J. Dugas, Jr.

"While reasonable to expect a modest seasonal pick up in the second half of 2010, long-term we believe that any significant housing recovery will require a stronger economy, higher employment and greater overall consumer confidence."

For the six months ended June 30, PulteGroup reported net income of $64 million, or $0.17 per share, compared with a prior year net loss of $704 million, or $2.77 per share.