BLOOMFIELD HILLS, Mich. (AP) — Pulte Homes Inc. says its loss narrowed in its fourth quarter, as the homebuilder reported heavy charges that were partly offset by a tax gain.
The company said Tuesday it lost $116.9 million, or 31 cents a share, in the quarter. That compares with a loss of $338.2 million, or $1.33 a share, a year earlier.
The results included $925 million in charges related to impairment of assets, the value of land, and its merger with rival Centex last year.
Revenue rose 5 percent to $1.73 billion from $1.64 billion. Revenue was helped by a 13 percent increase in closings, partly offset by a 7 percent decrease in the average selling price.
Analysts were expecting a loss of 19 cents a share on revenue of about $1.5 billion.
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On the Net:
Pulte Homes: http://www.pulte.com/
