market movers

Builder’s earnings rise as orders fall off

PulteGroup said orders fell 17 percent from a year ago.


PulteGroup said orders fell 17 percent from a year ago.

Profits for the second-largest US home builder soared even as orders declined. PulteGroup reported net income of $2.28 billion, or $5.87 per share, compared with $116.6 million, or 30 cents, a year earlier. The results included a gain of $5.42 a share from the reversal of deferred tax assets tied to losses during the housing crash. Earnings before the tax-related gain were 45 cents a share. Orders fell 17 percent from a year earlier, a sign rising borrowing costs are holding back buyers.

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