Pulte Homes Inc. (PHM) Reports 3Q Loss
Pulte Homes (NYSE: PHM - News) announced today financial results for its third quarter and nine months ended September 30, 2007. For the quarter, the Company reported a loss from continuing operations of $787.9 million, or $3.12 per share, compared with income from continuing operations of $191.5 million for the prior year third quarter, or $0.74 per diluted share. The third quarter 2007 loss included $1.18 billion on a pre-tax basis, or $3.33 per share after-tax, recorded for impairments, land-related charges and impairment of goodwill, compared with $87.7 million, or $0.22 per diluted share for the third quarter of 2006.
Consolidated revenues for the quarter were $2.5 billion, a decline of 31% from prior year revenues of $3.6 billion.
"The operating environment continues to be challenged with elevated levels of new and resale home inventory, tightening of mortgage liquidity, and weak consumer sentiment for housing," said Richard J. Dugas, Jr., President and CEO of Pulte Homes. "In the midst of these conditions, in the third quarter we were profitable on a pre-impairment basis, which exceeded the higher end of the guidance we previously provided of $0.10 to $0.20 per diluted share, exclusive of impairments or land-related charges. We also modestly improved our cash position, while reducing outstanding debt under the revolving credit facility. We remain focused on maintaining a strong, transparent balance sheet, generating additional cash, and managing SG&A costs to better match this challenging operating environment."
Consolidated revenues for the quarter were $2.5 billion, a decline of 31% from prior year revenues of $3.6 billion.
"The operating environment continues to be challenged with elevated levels of new and resale home inventory, tightening of mortgage liquidity, and weak consumer sentiment for housing," said Richard J. Dugas, Jr., President and CEO of Pulte Homes. "In the midst of these conditions, in the third quarter we were profitable on a pre-impairment basis, which exceeded the higher end of the guidance we previously provided of $0.10 to $0.20 per diluted share, exclusive of impairments or land-related charges. We also modestly improved our cash position, while reducing outstanding debt under the revolving credit facility. We remain focused on maintaining a strong, transparent balance sheet, generating additional cash, and managing SG&A costs to better match this challenging operating environment."
Labels: PHM, Pulte Homes Inc.
posted by Stock Administrator @ 11:18 PM
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