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PulteGroup beats Street 4Q forecasts

ATLANTA (AP) — PulteGroup Inc. (PHM) on Thursday reported fourth-quarter earnings of $228 million.

The Atlanta-based company said it had net income of 64 cents per share. Earnings, adjusted for non-recurring gains, were 57 cents per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The homebuilder posted revenue of $2.06 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $1.89 billion.

For the year, the company reported profit of $494.1 million, or $1.36 per share. Revenue was reported as $5.98 billion.

PulteGroup shares have decreased roughly 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined almost 8 percent. The stock has declined 23 percent in the last 12 months.

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