socialmedian: Pulte sees loss on merger charges, impairments

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Pulte sees loss on merger charges, impairments

Source: Wall Street Journal

Nov 04, 2009

Summary

BOSTON (MarketWatch) -- Pulte Homes Inc. , the home builder that acquired Centex Corp., on Wednesday reported a third-quarter loss of $361.4 million, or $1.15 a share. The latest quarter's results included $86.7 million of charges related to the Centex merger, $163.8 million in inventory impairments and land charges, and a $47.4 million loss to retire debt. In the year-ago quarter, Pulte posted a loss of $280.4 million, or $1.11 a share. Consolidated revenue dropped to $1.09 billion from $1.56 billion in the year-ago quarter as the top line was hit by lower home sales and prices. Analysts polled by Thomson Reuters had forecast revenue of $1.23 billion, on average.

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