For the full year, PulteGroup posted adjusted EPS of $0.54 on revenues of $4.82 billion, compared with an EPS loss of $0.55 on revenues of $4.14 billion in 2011. The consensus estimate called for EPS of $0.68 on revenues of $4.75 billion.
PulteGroup noted that EPS included charges totaling $0.19 related to future loan repurchase obligations and a fourth-quarter senior note repurchase.
The company’s CEO said:
We now look ahead to 2013 with expectations for a continued rebound in U.S. housing driven by record low interest rates, higher rent vs. own costs, rising home prices and sharply lower overall housing inventory. Given this expectation, and consistent with our focus on improving long-term returns, we have authorized an additional $250 million per year of investment in land and related development in 2013 and 2014.
The company did not offer guidance, but the consensus estimate for the current quarter calls for EPS of $0.15 on revenues of $1.15 billion. For the full year, the consensus estimate calls for EPS of $1.13 on revenues of $6.14 billion.
The company’s shares are down 3.8% in premarket trading at $20.25 in a 52-week range of $7.42 to $21.97. Thomson Reuters had a consensus analyst price target of around $19.40 before today’s report.