Pulte narrows 2Q loss on inventory, land charges

Pulte Homes Inc. says its second-quarter loss narrowed from the prior year period as the homebuilder took charges on land and unsold inventory amid a worsening housing market. The Bloomfield Hills, Mich.-based homebuilder said Wednesday it lost 158.4 million, or 63 cents per share, in the three months ended June 30. That compares with a loss of $507.6 million, or $2.01 per share, in the same period last year. The latest quarter includes pretax charges of $220 million to write down the value of inventory and land on its books, and a tax benefit of almost $57 million. Revenue dropped 20 percent to $1.6 billion. Analysts polled by Thomson Financial expected a loss of 69 cents per share on about $1.6 billion in... [read full story]