Wood News

PulteGroup’s fourth-quarter earnings jump in reaction to higher selling prices; new orders drop

PORTLAND, OR , Jan. 30, 2014 (RISI) - 

PulteGroup, Inc. reported fourth-quarter net income of $220 million, or $0.57 per share, compared with prior year net income of $59 million, or $0.15 per share.

Home sale revenues for the quarter ended December 31, 2013, totaled $1.6 billion, an increase of 9% over the prior year. The increase in revenue was driven by a 13% increase in average selling price to $325,000, partially offset by a 4% decrease in closings to 4,964 homes. For the quarter, the Company reported 3,214 net new orders, a decrease of 18% from prior year orders of 3,926.

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