PulteGroup beats 3Q profit forecasts

Markets Associated Press

PulteGroup Inc. (PHM) on Tuesday reported third-quarter earnings of $177.5 million.

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On a per-share basis, the Atlanta-based company said it had profit of 58 cents. Earnings, adjusted for non-recurring costs, were 60 cents per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.

The homebuilder posted revenue of $2.13 billion in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $2.31 billion.

PulteGroup shares have climbed 52 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 15 percent. The stock has climbed 46 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