PulteGroup tops 1Q profit forecasts

Markets Associated Press

PulteGroup Inc. (PHM) on Tuesday reported first-quarter profit of $91.5 million.

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On a per-share basis, the Atlanta-based company said it had profit of 28 cents. Earnings, adjusted for non-recurring costs, came to 31 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.

The homebuilder posted revenue of $1.63 billion in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $1.77 billion.

PulteGroup shares have increased 26 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6 percent. The stock has increased 21 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on PHM at https://www.zacks.com/ap/PHM

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Keywords: PulteGroup, Earnings Report