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PulteGroup Q1 Profit Declines - Quick Facts

PulteGroup Inc. (PHM) reported that its first-quarter net income declined to $166.76 million, from last year's $170.75 million, but earnings per share was flat with last year at $0.59. Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share. Analysts' estimates typically exclude special items.

"Helped by the recent decline in mortgage rates, homebuyers have been steadily returning to the market after a period of slowing demand that began in the second half of 2018," said Ryan Marshall, President and chief executive officer.

Total revenues for the quarter were $1.997 billion up from $1.97 billion in the prior year. Analysts expected revenue of $1.93 billion for the quarter.

Home sale revenues for the first quarter increased 2% to $1.9 billion. The increase in revenue for the period was driven by a 2% increase in average selling price to $421,000.

The company closed 4,635 homes in the quarter which is a slight increase from the prior year.

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