PulteGroup Q2 Profit Climbs On Revenue Growth

(RTTNews) - Homebuilder major PulteGroup, Inc. (PHM) Monday reported an increase in second-quarter profit, supported by 8 percent revenue growth, compared to the prior year.

Quarterly earnings were $720.36 million or $3.23 per share compared to $652.44 million or $2.74 per share last year.

On average, 16 analysts polled by Thomson Reuters expected the company to earn $2.51 per share. Analysts' estimates usually exclude special items.

Revenue for the quarter increased to $4.188 billion from $3.879 billion a year ago. Wall Street was looking for revenue of $3.99 billion.

Home sale revenues for the second quarter increased 8 percent over the prior year to $4.1 billion. The company said its net new orders increased 24 percent to 7,947 Homes with a value of $4.3 billion, with the unit backlog of 13,558 homes with a value of $8.2 billion.