Pulte Misses Earnings Expectations
PulteGroup’s stock took a tumble after the company reported earnings that fell short of analysts’ expectations. The company reported earnings of 30 cents a share down 7 cents from the year ago period on revenue of $1.46 billion which was down from $1.55 billion in 3Q 2014. Forecasts had predicted earnings of 43 cents per share on $1.77 billion of revenue. The stock was down close to 10% in midday trading. Pulte blamed the weaker earnings on labor shortages which delayed completions. On a positive note, orders and average selling price were up.
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