PHM $31~$33~$31 Pulte Homes misses by $0.03; issues downside Q4 EPS guidance (32.20 +0.44)
Reports Q3 (Sep) earnings of $0.74 per share, $0.03 worse than the Reuters Estimates consensus of $0.77; revenues fell 6.1% year/year to $3.56 bln vs the $3.34 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.30-0.70 vs. $1.08 consensus. "We continue to operate with the expectation that business conditions remain difficult for at least the near term and, as a result, that additional charges are still possible if conditions erode further. Given the ongoing weakness in new home sales and closings, visibility as to future earnings performance is limited, but at this time we estimate fourth quarter earnings in the range of $.30 to $.70 per diluted share, inclusive of potential pretax land-related charges of up to $150 million," said Dugas. "While these charges are not a certainty, we think it is appropriate to incorporate the potential impact into our near-term guidance."
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