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Big LV builder’s profit rises

Tuesday, April 23, 2002 | 11:19 a.m.

BLOOMFIELD HILLS, Mich. -- Pulte Homes Inc., the second-largest U.S. home builder and a big builder in Las Vegas, today said first-quarter profit rose a better-than-expected 73 percent as it benefited from low mortgage rates and the purchase of a rival.

Net income rose to $68.1 million, or $1.11 a share, from $39.4 million, or 92 cents, a year earlier. Per share results reflect a 43 percent increase in shares outstanding. Revenue rose 64 percent to $1.38 billion, the company said.

Profit from continuing operations was $1.12 a share. On that basis, Bloomfield Hills, Mich.-based Pulte was expected to earn 92 cents a share, according to a survey of analysts by Thomson Financial/First Call.

Results for the quarter reflect Pulte's purchase of Del Webb Corp. for $1.7 billion in July. Pulte with its Del Webb unit is the second-largest home builder in the Las Vegas area.

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