Bloomfield Hills, MI, February 3--Pulte Homes reported fourth quarter earnings that rose 68 percent, boosted by an increase in home closings and prices.
Earnings for the quarter were $418.2 million, or $3.20 a share, versus $248.5 million, or $1.95 a share, last year.
Analysts were looking for $3.05 per share, according to Reuters Estimates, while the company had projected earnings in the range of $2.94 to $3.24 per share.
Revenue from home building operations rose to $4.17 billion from $3.09 billion, while total revenue rose to $4.20 billion from $3.12 billion.
Analysts expected the company to post fourth-quarter revenue of $4.07 billion.
Orders for new U.S. homes during the quarter rose 6 percent to 8,940 units from a year ago as Pulte regained momentum in Las Vegas by readjusting prices in that booming market.
During the quarter, home closings rose 20 percent to 13,424 homes.
The company reaffirmed its outlook for 2005, saying it expects earnings from continuing operations in the range of $9.00 to $9.50 per diluted share, a year-over-year increase of 17 percent to 24 percent.
Analysts expect the company to earn $8.82 per share.
