Pulte Narrows Losses, Sees Cost Savings

Pulte Homes reported a fourth-quarter loss on charges of about $925 million but expects to achieve savings by the end of the year.

Author:
Andrea Tse
Publish date:
Feb 9, 2010 8:01 AM EST

Pulte Homes reported a fourth-quarter loss on charges of about $925 million but expects to achieve savings by the end of the year.

BLOOMFIELD HILLS, Mich. (

TheStreet

) --

Pulte Homes

(PHM) - Get Free Report

reported a fourth-quarter loss on charges of about $925 million, but expects to achieve savings by the end of the year.

Pulte Homes reported a loss of $116.9 million, or 31 cents a share, compared with $338.2 million, or $1.33 in the prior year. Revenue from home sales (settlements) in the fourth quarter totaled $1.6 billion, compared with $1.5 billion in last year's fourth quarter.

Analysts surveyed by Thomson Reuters expected a loss of 19 cents a share on revenue of $1.5 billion.

Pulte Homes said it remains on track to capture targeted synergies and savings of $440 million on an annualized basis by the end of 2010.

-- Reported by Andrea Tse in New York

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