Business Services Industry
Pulte cuts earnings forecast, blames interest rates, slow sales.(News)(Pulte Homes Inc.)
Crain's Detroit Business, June, 2006
Byline: Jennette Smith Rising interest rates and other factors have halted the national housing boom, leading Bloomfield Hills-based Pulte Homes Inc. to cut its 2006 earnings forecast. April and May new-home orders dropped 29 percent compared to a year earlier, Pulte said Friday. Metro Detroit's home sales market had already cooled but as recently as April other regions of the country had recorded increased sales.
Pulte earnings will be $4.70 to $5 a share this year, down from the company's previous forecast of $6 to $6.25, Pulte (NYSE: PHM) said in a statement. Pulte earned $5.68 a share in 2005, and the decline would be its first in nine years. The No. 1 homebuilder by stock-market value had been optimistic about its outlook even as rising mortgage...
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