PulteGroup beats 4Q profit forecasts

MarketsAssociated Press

ATLANTA (AP) _ PulteGroup Inc. (PHM) on Tuesday reported fourth-quarter profit of $77.4 million.

On a per-share basis, the Atlanta-based company said it had profit of 26 cents. Earnings, adjusted for non-recurring costs, came to 85 cents per share.

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The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.

The homebuilder posted revenue of $2.79 billion in the period, matching Street forecasts.

For the year, the company reported profit of $447.2 million, or $1.44 per share. Revenue was reported as $8.57 billion.

PulteGroup shares have climbed 0.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 7 percent. The stock has increased 57 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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