{"id":11274,"date":"2013-10-25T08:28:20","date_gmt":"2013-10-25T12:28:20","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=11274"},"modified":"2013-10-25T07:46:41","modified_gmt":"2013-10-25T11:46:41","slug":"pultegroup-inc-nysephm-posted-a-solid-3q13-profit-results","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/pultegroup-inc-nysephm-posted-a-solid-3q13-profit-results-11274","title":{"rendered":"PulteGroup, Inc. (NYSE:PHM) Posted A Solid 3Q13 Profit Results"},"content":{"rendered":"<p style=\"text-align: justify;\">Boston, MA 10\/25\/2013 (wallstreetpr) &#8211;\u00a0One of the largest Homebuilder in the United States,\u00a0PulteGroup, Inc. (NYSE:PHM) today announced its 3Q2013 financial results that shows a solid increase in the net income of the company as a result of the one-time $2.1 billion tax gain benefit.<\/p>\n<p style=\"text-align: justify;\">Home sales increased 9% as compared to previous year but orders for new homes plunged 17%. The reduction in new home orders reflects a sluggish demand this year. To this, Richard Dugas, Chief Executive Officer, President and Chairman of the company, commented that the customers have slowed down new home purchases because of the rapid rise in the prices, economic and political uncertainty and higher mortgage rates. He further added that, the company believes this slowdown will soon prove to be short-lived within a multiyear housing recovery.<\/p>\n<p style=\"text-align: justify;\">Even though there is a reduction in new home orders, the homebuilder is planning to step-up land purchase\u00a0next year, increasing its total land investment budget to $1.6 billion from an estimated $1.4 billion this year.<\/p>\n<p style=\"text-align: justify;\">The company posted a net income of $2.3 billion or $5.87 per share, up from $116.6 million or 30 cents per share a year ago. The total earnings of the company for the third quarter amounts to $173 million or 45 cents per share after excluding the $2.1 billion income tax benefit. Total revenue jumped to $1.6 billion from $1.3 billion a year ago. Analysts were expecting around $1.5 billion.<\/p>\n<p style=\"text-align: justify;\">The company successfully completed sales of 4,187 homes. The revenue generated from this sales climbed 21% to $1.5 billion.<\/p>\n<p style=\"text-align: justify;\">For quite a while now, PulteGroup has been increasing prices for new homes and as a result of this hike, the average sales price of the company\u2019s homes rose 11% to $310,000.<\/p>\n<p style=\"text-align: justify;\">Excluding cancelations, new home orders tripped to 3,781 homes, resulting in a 2% reduction in the backlog of homes under contract.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston, MA 10\/25\/2013 (wallstreetpr) &#8211;\u00a0One of the largest Homebuilder in the United States,\u00a0PulteGroup, Inc. (NYSE:PHM) today announced its 3Q2013 financial results that shows a solid [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":11275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[2733,3724,3723,2911],"stock_ticker":[],"class_list":["post-11274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nysephm","tag-phm","tag-pultegroup-inc","tag-pultegroup-inc-nysephm","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PulteGroup, Inc. 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