Bloomfield Hills, MI, February 2, 2006--Pulte Homes reported fourth-quarter profit rose from the year-ago period driven by strong home deliveries and average selling prices.
The company reported quarterly earnings of $574.5 million, or $2.19 a share, compared with $1.52 last year, on revenue of $5.13 billion. Analysts surveyed by Thomson First Call had forecast earnings of $1.97 and revenue of $5.13 billion.
Pulte said it settled 15,670 homes for the quarter with an average selling price of $321,000, compared with 13,424 units and $294,000 the prior year.
Net new orders rose to 9,821 homes, up from 8,940 homes in the year-ago quarter. Homebuilders have posted higher profits this quarter but analysts are worried that order growth, a predictor of future revenue, is showing signs of softening.
At quarter-end, the company's backlog of homes awaiting construction was 17,817 homes with an estimated sales value of $6.3 billion, versus 15,916 homes last year and $5.15 billion.
