KCBD, NewsChannel 11 Lubbock |Pulte Homes posts $361.4M loss for Q3
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Associated Press - November 4, 2009 3:25 PM ET
Pulte Homes Inc. lost $361.4 million in the third quarter. But with the acquisition of Dallas-based Centex Corp., the homebuilder's new orders increased by more than a third.
Pulte completed its purchase of Centex in August. That turned the Bloomfield Hills, Mich.-based company into the nation's largest builder. The deal gave Pulte more communities with cheaply priced homes for first-time buyers, as well as desirable land in Texas and the Carolinas.
By combining their operations, Pulte now expects to save $440 million annually - $90 million more than when the deal was announced last spring.
Earnings were hurt by $86.7 million in costs related to the Centex acquisition.
Revenue dropped to $1.1 billion from $1.6 billion the year.
Analysts polled by Thomson Reuters were expecting a loss of 64 cents a share on revenue of about $1.2 billion.
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Pulte Homes: http://www.pulte.com/
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