Pulte Homes Widens Loss on Acquisition

BLOOMFIELD HILLS, Mich. (TheStreet) -- Pulte Homes(PHM Quote) widened its loss in the third-quarter, weighed down by its acquisition of Centex.

The acquisition, which was completed in August, made Pulte the biggest homebuilder, allowing it to eclipse D.R. Horton(DHI Quote).

During the quarter, the company recorded a loss of $361.4 million, or $1.15 a share, compared with a loss of $280.4 million, or $1.11, in the year-ago period. This was significantly lower than the 69 cents a share analysts' expected.

Results include $163.8 million in impairment and land-related charges and $86.7 million in acquisition-related charges.

Revenue slumped 30% to $1.09 billion from $1.6 billion last year.

Still, the loss was overshadowed by the homebuilder's move to raise its forecast for efficiencies and savings from the purchase of Centex. Pulte now expects efficiencies and savings of $440 million, up 25% from its prior outlook.

As a result, shares are climbing 4.8% to $9.67 in morning trading.

-- Reported by Jeanine Poggi in New York

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