PulteGroup Positions for Profitable 2010

The No. 1 homebuilder in the U.S. narrowed its losses in the first quarter as it recorded fewer impairment and land-related charges and said it's in a position to be profitable this year.
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BLOOMFIELD HILLS, Mich. (

TheStreet

) --

PulteGroup

(PHM) - Get Report

, the No. 1 homebuilder in the U.S., narrowed its losses in the first quarter as it recorded fewer impairment and land-related charges and said it's in a position to be profitable this year.

PulteGroup said the first-quarter loss was $12.5 million, or 3 cents a share, compared with a year-earlier loss of $514.8 million, or $2.02 a share.

First-quarter revenue rose 75% to $1.02 billion, which includes results from

Centex

, which was acquired in 2009.

Analysts surveyed by Thomson Reuters expected a loss of 22 cents a share on revenue of $1.18 billion.

PultseGroup said first-quarter closings increased 77% to 3,795 homes.

-- Reported by Joseph Woelfel in New York.

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