PulteGroup, Inc. Earnings Cheat Sheet: Swings to a Loss, Misses Estimates

S&P 500 (NYSE:SPY) component PulteGroup, Inc. (NYSE:PHM) swung to a loss in the second quarter, missing analysts’ forecast. PulteGroup, Inc. is a publicly held holding company involved in the homebuilding and financial services businesses.

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PulteGroup Earnings Cheat Sheet for the Second Quarter

Results: Swung to a loss of $55.4 million (15 cents per diluted share) in the quarter. PulteGroup, Inc. had a net income of $76.3 million or 20 cents per share in the year earlier quarter.

Revenue: Fell 29% to $927.2 million from the year earlier quarter.

Actual vs. Wall St. Expectations: PHM fell short of the mean analyst estimate of a loss of 4 cents per share. It fell short of the average revenue estimate of $974 million.

Quoting Management: “The 2011 U.S. housing market continues to operate within the range of expectations we projected at the beginning of the year,” said Richard J. Dugas, Jr., Chairman, President and Chief Executive Officer of PulteGroup. “It is a positive sign that buyer demand appears to have stabilized following expiration of the homebuyer tax credit last spring, but residential construction volumes are at historically low levels and market conditions remain highly competitive. In this operating environment, we are focused on reducing our construction and overhead costs and enhancing our product offerings.”

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 21.1% to $805.2 million in the first quarter. The figure fell 31.5% in the fourth quarter of the last fiscal year from the year earlier and dropped 3.1% in the third quarter of the last fiscal year from the year-ago quarter.

The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 4 cents, and in the fourth quarter of the last fiscal year, it was ahead by 9 cents.

Competitors to Watch: D.R. Horton, Inc. (NYSE:DHI), Lennar Corporation (NYSE:LEN), The Ryland Group, Inc. (NYSE:RYL), Toll Brothers, Inc. (NYSE:TOL), KB Home (NYSE:KBH), M.D.C. Holdings, Inc. (NYSE:MDC), Hovnanian Enterprises, Inc. (NYSE:HOV), Standard Pacific Corp. (NYSE:SPF), and Comstock Homebuilding Companies, Inc. (NASDAQ:CHCI).

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(Source: Xignite Financials)

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