PulteGroup 1Q loss deepens as fewer homes are sold

BLOOMFIELD HILLS (AP) -- Homebuilder PulteGroup says its loss in the first three months of the year widened because it sold fewer homes, and the average price of the homes it sold dropped. Closings dropped 17 percent to 3,141 homes, and the average selling price fell 3 percent. But the Bloomfield Hills, Mich., company says that net new orders for homes grew. PulteGroup CEO Richard Dugas says he expects the company to return to profitability in the second half of the year. PulteGroup says it lost $39.5 million, or 10 cents per share, compared to a loss of $12.5 million, or 3 cents per share, a year earlier. Analysts polled by FactSet expected a loss of 13 cents per share. Revenue dropped 21 percent to $805.2 million, short of Wall Street's $819.4 million estimate. Published: Fri, Apr 29, 2011