PulteGroup has lowered costs to boost profitability as demand for new houses is rising and inventories of existing properties tighten and mortgage rates hover near record lows. New-home sales jumped 20 percent last year to the highest since 2009.
January 31, 2013 at 12:00 AM
1 minute read
PulteGroup Inc., the best performer in the Standard & Poor’s 500 Index last year, said fourth- quarter profit quadrupled as the home-builder’s sales increased amid a U.S. real estate revival.
Net income was $58.7 million, or 15 cents a share, compared with $13.8 million, or 4 cents, a year earlier, the Bloomfield Hills, Michigan-based company said today in a statement. Revenue climbed to $1.57 billion from $1.26 billion.
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