Pulte Homes Inc.'s (PHM) fourth-quarter net loss narrowed due to lower write-downs, but revenue and net new-home orders tumbled as the company said the housing market took "yet another step down."
"Sinking consumer confidence, excess foreclosure inventory and continued very tight mortgage availability put dramatic downward pressure on the homebuilding market," said President and Chief Executive Richard J. Dugas Jr.
The home builder reported a net loss of $338.2 million, or $1.33 a share, compared with a year-ago loss of $874.7 million, or $3.46 a share.
The latest results included $380 million of pretax impairments and other land-related charges, while year-ago results included $509 million in impairments.
Revenue tumbled 43% to $1.65 billion.
Analysts polled by Thomson Reuters projected a loss of 71 cents a share, including the impairments, on revenue of $1.44 billion. In October, the company declined to provide a fourth-quarter guidance, citing a high degree of volatility in the housing industry and overall economy. Net new-home orders in the quarter slumped 61% to 1,763 homes. Closings decreased 37% to 5,474 as the average sales price declined 13% to $278,000. The backlog as of Dec. 31 was valued at $631 million, or 2,174 homes, down from $2.5 billion, or 7,890 homes, a year earlier.
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