Pulte reports $55 million loss

Pulte Group, one of the nation’s largest home builders, reported a net loss of $55 million for its second fiscal quarter, which ended on June 30. This compares with a net income of $76 million in the same quarter a year ago. 

Pulte’s second-quarter results included $41 million of land, mortgage, organizational restructuring and debt repurchase charges. Prior-year results included $48 million of the same costs, offset by a net benefit from income taxes of $82 million.

Revenue from home sales in the second quarter decreased 29% from the prior year to $900 million. Lower revenue for the period was driven by a 28% decrease in closings, combined with a 1% decrease in average selling price to $248,000. Prior-year results benefited from increased demand stimulated by a first-time homebuyer tax credit, which expired April 30, 2010.

Net new-home orders for the second quarter were 4,222, which was consistent with the prior year and down 3% compared with the first quarter of 2011. Pulte’s quarter-end backlog was up 2% to 5,777 homes with a value of $1.6 billion, compared with a prior-year backlog of 5,644 homes with a value of $1.6 billion.

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