![]()
| As of Wednesday, November 25th: |
LATEST EARNINGS RESULTS
- China Overcapacity Worsening, EU Chamber Warns
- Investing in Good Karma – and Making a Profit
- China Unveils Carbon Target Ahead of Copenhagen
- Wal-Mart Price Pressure Hurts China Workers: Report
- UK Banks Must Disclose Top Pay: Review
- Black Friday to Avoid Red Ink; Greenback Gets the Blues
- Bankruptcies Jump, Hitting Highest Level in Four Years
- Steepest Black Friday Discounts, Revealed
- Where Do Pardoned Turkeys Go?
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- The Executive Job Search
- Where Do Pardoned Turkeys Go?
- Chinese Overcapacity is Worsening, EU Chamber Warns
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- Salvation Army's Kettles Now Credit Card-Ready
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Judge Erases Couple's $525,000 Mortgage Payment
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Oil Friday
Pulte Homes posted a smaller quarterly loss on Wednesday, but said buyer confidence remained shaky.
![]() |
The second-quarter loss [PHM
Loading...
()
] narrowed to $158.4 million, or 63 cents per share, from $507.6 million, or $2.01 per share, a year earlier.
Excluding a tax benefit, the loss was 85 cents per share. On that basis, analysts expected a loss of 82 cents per share, according to Reuters Estimates.
The U.S. housing market has been in decline since July 2006, when excessive building and loose credit standards triggered a drop in prices and a wave of foreclosures.
As prices have dropped, home builders have marked down the value of inventory on their books. Pulte's loss included $220.1 million in pretax charges related to inventory impairments and other land-related charges, but also included a $56.8 million tax benefit.
"The operating environment for homebuilding continued to deteriorate during the second quarter of 2008,'' said Chief Executive Richard Dugas Jr. "Buyer confidence remains under pressure, both from the weakness in housing as well as concerns about the overall economy.''
Revenue from homebuilding fell 18 percent to $1.6 billion as closings declined 8 percent to 5,438, and the average selling price dropped 11 percent to $268,000.
New orders slid 32 percent to 5,133 homes, while the value of the orders was off 42 percent to $1.4 billion.
Home builder sentiment as measured by the NAHB/Wells Fargo Housing Market index fell 2 points in July to 16, a record low.
The index measuring traffic of prospective buyers slid to 12 from 16, also a record low.
In response to the deteriorating market, U.S. home builders have shifted their focus from profit and growth to generating cash by selling the land and inventory they accumulated at peak prices during boom times. Pulte ended the quarter with a $1 billion cash balance.
- TiVo Reports Quarterly Loss but Matches Forecasts
TiVo announced a quarterly loss that matched analysts' forecasts, but its sales topped expectations.
- Hewlett-Packard Profit Rises, Matches Guidance
Hewlett-Packard said a strong performance in China and improved profit margins in its services business helped drive quarterly earnings 14 percent higher.
- Analog Devices Results Beat Expectations; Shares Rise
Analog Devices reported a quarterly profit that fell from a year ago but topped Wall Street's expectations, sending shares higher in extended trading.
- TiVo Reports Quarterly Loss but Matches Forecasts
- Tyson Food Profit Beats Estimates
Tyson Foods posted higher-than-expected quarterly results on Monday on strength in its beef, pork and prepared foods businesses, which it expects to continue in its new fiscal year.
- Tyson Food Profit Beats Estimates
- Horton Results Miss Estimates, Shares Drop
- Dell Shares Smacked as Earnings, Sales Miss Forecasts
- Gap Reports Earnings in Line With Forecasts
- Intuit Posts Narrower-Than-Expected Loss
- Sears Posts Second Consecutive Quarterly Loss
- BJ's Wholesale Profit Falls, Hurt by Falling Food Prices
- Salesforce Profit Beats Forecasts, but Shares Fall
- Autodesk Shares Fall on Disappointing Outlook
- Home Depot Profit Beats; Says Markets Under Pressure
- Target Third Quarter Profit Up, Cautious on Fourth
- Weak US Housing Market Drags on Lowe's Profit
- JC Penney Profit Falls, but Shares Up on Forecast
- Disney Profit, Sales Top Forecasts; Shares Jump
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
- Wal-Mart Holiday Forecast Light, Profit Beats








