WASHINGTON (dpa-AFX) - PulteGroup, Inc. (PHM), a residential home-construction company, Tuesday reported lower profit for the first quarter, primarily impacted by decline in revenues. However, profit as well as revenue beat analysts' view.
The company posted net income of $522.79 million, or $2.57 per share, down from $662.98 million, or $3.10 per share in the previous-year quarter.
Revenue for the quarter dropped to $3.892 billion from $3.949 billion a year ago. Home sale revenues were $3.7 billion, 2% down from last year.
Analysts on average expected the company to report earnings of $2.42 per share on revenue of $3.82 billion for the quarter. Analysts' estimates typically exclude special items.
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