PulteGroup Fourth Quarter 2011 Numbers | ||
Quarter Four | Fiscal Year | |
Profit/(Loss) | $ 13.8M +108.4% | $(210.4M) +80.8% |
Home Deliveries | 4,303 -2.3% | 15,275 -10.6% |
New Orders | 3,084 +1.3% | 15,215 +0.4% |
Behind the Numbers:
PulteGroup’s home deliveries in 2011 failed to improve, but it’s balance sheet made some progress from the annus horribilis that was 2010. That year, thanks to huge write-downs due to the loss in goodwill value related to its merger with Centex and from land value decreases as well as anemic sales, the company booked a whopping $1 billion-plus loss. That makes 2011 look positively rosy, despite further land impairments. By the fourth quarter Pulte had booked a profit, paid off some debt, and sold some land to net some cash. CEO Richard J. Dugas Jr. was optimistic for 2012: “Although challenging macroeconomic conditions persist, we believe the progress we have made across our core home building operations should enable the company to be profitable for the full year in 2012.”
PulteGroup’s fourth quarter and fiscal year ended December 31.
