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Centex Pulls Profit Despite Halving of Revenue

DALLAS ( TheStreet) -- Homebuilder Centex (CTX) swung to a profit in the first quarter, one of the winners of the expected turn in the housing market.

During the quarter, the company earned $85.1 million, or 68 cents a share, compared with a loss of $150.1 million, or $1.21 a share, in the year prior.

But revenue was nearly halved to $574 million from $1.13 billion last year.

Shares of the company closed up 4% to $11.32, but lost steam in after-market trading, falling 1%.

Earlier today the Commerce Department said construction spending increased 0.3% in June, surpassing analysts' forecast.

Pulte Homes (PHM - Get Report) is also set to report its earnings today.

-- Reported by Jeanine Poggi in New York.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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PHM $22.19 0.00%
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