PulteGroup misses 2Q net income and revenue expectations

MarketsAssociated Press

PulteGroup Inc. (PHM) on Thursday reported second-quarter net income of $103.3 million.

On a per-share basis, the Atlanta-based company said it had profit of 28 cents. Earnings, adjusted for non-recurring gains, were 23 cents per share.

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The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 26 cents per share.

The homebuilder posted revenue of $1.28 billion in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $1.42 billion.

PulteGroup shares have decreased 6 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 3 percent. The stock has risen slightly more than 3 percent in the last 12 months.


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


Keywords: PulteGroup, Earnings Report