Pulte Loss Grows in Fourth Quarter

Bloomfield Hills, MI, Feb. 4, 2011 -- Homebuilder PulteGroup reported a net loss of $165 million, or $0.44 per share for the fourth quarter on revenue of $1.2 billion.

A year ago the firm reported a net loss of $117 million, or $0.31 per share on revenue of $1.7 billion.

"After four years of steep declines, the U.S. housing market continues to show signs of stabilizing, albeit at historically low levels," said CEO Richard J. Dugas.

"Businesses are once again adding jobs, which directly stimulates buying and, in turn, consumer confidence, both of which are critical to ultimately raising demand for new homes. In fact, we may already be realizing some positive effects as January buyer traffic and sales trends were encouraging, although we'll have to see if this continues through the selling season and the year."

For the 12 months ended Dec. 31,  PulteGroup reported a net loss of $1.1 billion, or $2.90 per share, compared with a prior year net loss of $1.2 billion, or $3.94 per share.