Higher prices give boost to Pulte profit.(Pulte Homes Inc., 62 percent increase in first-quarter net income)(Brief Article)(Company Profile)(Statistical Data Included)

Crain's Detroit Business, April, 2001 by Smith, Jennette

Pulte Homes Inc. (NYSE: PHM) reported a 62 percent increase in first-quarter net income, attributing the gain to higher average selling prices on homes. Net income for the Bloomfield Hills-based company increased to $39.4 million from $24.3 million in the first quarter of last year. Revenue increased 7 percent, from $775.8 million to $832.1 million.

James Zeumer, Pulte's vice president of investor relations/corporate communications, said the average home selling price increased from $206,000 at the end of last year to $214,000 for the first quarter. Scott Campbell, vice president of equity research at St. Petersburg, Fla.-based Raymond James Financial Inc., said there are other benefits to higher prices: higher lot premiums and higher-end buyers who spend...

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