Pulte Homes Posts Big Quarter

The homebuilder recorded a 75% increase in earnings for the first quarter.

Author:: Michael Dunn
Publish date:: Apr 23, 2002 9:48 AM EDT

Pulte Homes

posted huge first-quarter earnings and sales increases, easily beating analyst estimates.

The homebuilder said its first-quarter income from continuing operations grew 75% to $68.6 million, or $1.12 a share, from $39.1 million, or 91 cents a share, in the year-ago quarter. According to Thomson Financial/First Call, analysts had been expecting to see 92 cents a share.

Consolidated revenue for the quarter grew 64% to $1.4 billion from $840.5 million, ahead of analyst estimates of $1.286 billion.

In a press release, Pulte said that its results show the successful integration of the recently acquired Del Webb operations into the company.

For the rest of 2002, the company said it continues to have a positive outlook, and, although the impact of reduced demand at the end of 2001 has yet to work its way through the system, Pulte expects to see earnings growth of 12% to 16% with EPS in the range of $6.75 to $7.00, well above First Call analyst estimates of $6.58 a share.

Shares of Pulte closed at $52.06 Monday.