PulteGroup Inc., the largest U.S. homebuilder, says it slashed its loss in the first quarter as it took fewer charges for inventory impairments.
Pulte cut its loss to $12.5 million, or 3 cents per share, from $514.8 million, or $2.02 per share, a year earlier. Revenue rose 75 percent, to $1.02 billion from $583.9 million. The latest quarter includes results from Centex Corp., which was acquired last fall.
Analysts expected a loss of 22 cents per share and $1.18 billion in revenue.
The Bloomfield Hills, Mich., company says home sales rose 77 percent from a year ago. Pulte says the value of its backlog doubled and it now expects to turn a profit in 2010.
Homebuilders have reported strong improvements in the first quarter due to federal tax credits for home buyers, low mortgage rates, and lower home prices.
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