NEW YORK (Reuters) - Pulte Homes Inc <PHM.N> reported a larger-than-expected fourth-quarter net loss on Tuesday despite help from a tax benefit, sending its shares lower. The largest U.S. builder's net loss narrowed to $116.9 million, or 31 cents per share, from $338.2 million, or $1.33 per share, a year earlier. Analysts on average were expecting a loss of 19 cents per share, according to Thomson Reuters I/B/E/S. Excluding one-time charges and benefits, Pulte said it operated at roughly break-even in the quarter. The company recorded $925 million in charges, including a $563 million goodwill writeoff from its 2009 purchase of Centex Corp. Most of the charges were offset by $800 million in income tax benefits stemming from the extension of a federal law that allows companies to apply losses to prior income. The Centex acquisition gave Pulte land assets that it says are an important resource as prices rise and some markets face lot shortages. "One of the strategic pillars to the deal was acquiring Centex' 56,000 lots," said Chief Executive Richard Dugas during a conference call with analysts. "I think everyone is getting a better appreciation for the current land environment and the limited availability of well-positioned finished lots." The downside: Such a huge land position also carries the risk of impairment charges as values fluctuate during the protracted housing downturn. Pulte also affirmed its target of acquisition-related savings of $440 million on an annualized basis by the end of 2010. Continued... |