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— Pulte Homes Inc. says its first-quarter loss improved versus a year ago as the homebuilder cut costs and absorbed smaller losses from declining value of its land and other assets.
The Bloomfield Hills, Mich.-based homebuilder said Tuesday it lost $514.8 million, or $2.02 a share, in the three months ended in March. That compares with a loss of $696.1 million, or $2.75 a share, in the year-ago period.
The results included $410.2 million in charges to reflect falling value of its land and unsold homes.
Total revenue dropped by more than half to $587.4 million.
Analysts polled by Thomson Reuters had expected a loss of 54 cents a share on revenue of about $604.8 million.
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On the Net:
Pulte Inc.: http://www.pulte.com
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