Pulte lowers forecastMichigan-based builder sees wider loss in signal that housing market remains weak.NEW YORK (CNNMoney.com) -- In a sign of continuing problems in the housing market, builder Pulte Homes announced Wednesday that it was dramatically lowering its first-quarter results forecast. The Michigan-based builder said it now expects a loss in the range of 34 to 38 cents, wider than its earlier prediction of a 10-cent loss per share. Analysts expected the company to turn in a loss of 12 cents per share, according to Thomson First Call. Pulte, which competes with Centex (Charts, Fortune 500), D.R. Horton (Charts, Fortune 500) and Lennar (Charts, Fortune 500), said it would take a land-related charge of $130 to $140 million in the quarter. It also announced that it had closed on 5,420 homes in the quarter, down 37 percent from the year-earlier period. "The operating environment for homebuilding continues to be challenging, with orders and closings remaining under pressure," said Richard J. Dugas, Jr., president and CEO of Pulte Homes, in a statement. Shares of Pulte (Charts, Fortune 500) closed Wednesday at $27.95 on the New York Stock Exchange. The company's stock fell less than 1 percent in after-hours trade. |
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