Pulte Splits Stock, Lifts Outlook

The company also raises its quarterly dividend.
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Pulte Homes

(PHM) - Get Report

had a host of news after the close Wednesday, posting solid earnings growth, lifting its full-year forecast, setting a stock split and boosting its quarterly dividend.

Second-quarter earnings rose to $304 million, or $2.30 a share, from $187.6 million, or $1.45 a share, last year. Consolidated revenue for the quarter climbed to $3.3 billion, an increase of 31% over the prior year's $2.5 billion.

Also, Pulte raised its 2005 earnings guidance for continuing operations to a range of $10 to $10.50 a share and declared a 2-for-1 stock split. Additionally, Pulte plans to increase its quarterly dividend by 3 cents, to 8 cents a share, on a presplit basis. The quarterly dividend will be 4 cents after the split.

The homebuilder's backlog value rose 24% to $7.8 billion, while its unit backlog was up 17% to 23,351 homes.

Analysts surveyed by Thomson First Call expected earnings of $2.09 a share and revenue of $3.1 billion for the second quarter. For the year, Wall Street is looking for a profit of $10.13 a share.