WASHINGTON (dpa-AFX) - PulteGroup Inc. (PHM) reported that its third-quarter net income plunged to $140.55 million or $0.37 per share from the prior year's $2.28 billion or $5.87 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.
Net income for the latest-quarter reflected $84 million, or $0.22 per share, of income tax expense. The prior year results included income tax benefit of $2.1 billion or $5.42 per share primarily related to the reversal of the Company's deferred tax asset valuation allowance.
Total revenues for the quarter grew to $1.59 billion from $1.58 billion in the previous year. Wall Street analysts had a consensus revenue estimate of $1.59 billion.
Home sale revenues for the third quarter increased 4% from the prior year to $1.6 billion. Higher revenues for the period were driven by an 8% increase in average selling price to $334,000, partially offset by a 4% decrease in closings to 4,646 homes. The higher average selling price realized in the quarter reflects price increases implemented by the Company in our move-up and active adult communities which typically carry higher selling prices.
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