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PulteGroup tops Street 2Q forecasts

ATLANTA (AP) — PulteGroup Inc. (PHM) on Thursday reported second-quarter profit of $117.8 million.

The Atlanta-based company said it had net income of 34 cents per share. Earnings, adjusted for non-recurring costs, came to 37 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The homebuilder posted revenue of $1.8 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $1.71 billion.

PulteGroup shares have increased 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 6 percent. The stock has increased 3.5 percent in the last 12 months.

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