Pulte Reports Loss but Sees Improving Conditions

Bloomfield Hills, MI, April 26, 2012 -- Homebuilder PulteGroup reported a first quarter net loss of $12 million, or $0.03 per share, compared to a net loss of $40 million, or $0.10 per share a year ago.

"While overall industry volumes remain well below normal levels, our first quarter sales and traffic patterns suggest a positive shift in buyer sentiment during the period," said CEO Richard J. Dugas, Jr.

"The 15% increase in our reported signups reflects broad based gains as we experienced improved signups from all of our brands and across the vast majority of our markets. We are only one quarter into the year, but the start has exceeded our internal estimates and has us cautiously optimistic that housing demand may have reached a positive inflection point."

Home sale revenues in the first quarter increased 4% to $814 million, compared with $782 million in the prior year.

Higher revenue for the quarter reflects a 5%, or $12,000, increase in average selling price to $261,000, partially offset by a 1% decrease in closings to 3,117 homes.

For the quarter, the Pulte reported a 15% increase in net signups of 4,991 homes, which were generated from 6% fewer communities.