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PulteGroup Q2 Profit Down

PulteGroup Inc. (PHM) reported that its net income for the second quarter declined to $241 million or $0.86 per share from $324 million or $1.12 per share last year. The prior year result included $38 million of pretax benefit associated with insurance adjustments, $26 million of pretax land sale gains, and $17 million of net tax benefits. Adjusted net income for the prior year period was $259 million, or $0.89 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.83 per share in the prior year. Analysts' estimates typically exclude special items.

Home sale revenues for the second quarter decreased 2% to $2.4 billion from the prior year reflecting a 1% increase in average sales price to $430,000, offset by a 3% decrease in closings to 5,589 homes.

Total revenues declined to $2.49 billion from $2.57 billion in the previous year. Analysts expected revenues of $2.47 billion.

Net new orders for the second quarter increased 7% to 6,792 homes from the prior year. The dollar value of net new orders also increased 7% over the prior year to $2.9 billion.

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