PulteGroup 2nd-quarter profit rises 15 percent, misses estimate

MarketsAssociated Press

PulteGroup Inc. (PHM) on Thursday reported profit that rose by 15 percent in its second quarter, and fell short of analysts' expectations.

The Bloomfield Hills, Michigan-based company said net income increased to $41.9 million, or 11 cents per share, from $36.4 million, or 9 cents per share, in the same quarter a year ago.

Continue Reading Below

Earnings, adjusted for non-recurring costs, were 25 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 26 cents.

The homebuilder posted revenue of $1.29 billion compared with $1.28 billion in the same quarter a year earlier, and missed Wall Street estimates. Analysts expected $1.34 billion, according to Zacks.

PulteGroup shares have dropped 53 cents, or 2.6 percent, to $19.84 since the beginning of the year, while the Standard & Poor's 500 index has increased 7.5 percent. However, the stock has risen $1.39, or 7.5 percent, in the last 12 months.

This story was generated automatically by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full PHM report: http://www.zacks.com/ap/PHM

_____

Keywords:PulteGroup,Earnings Report