According to Reuters, homebuilder PulteGroup’s (PHM) net profit soared to $2.28 billion, or $5.87 per share, in the third quarter, from $116.6 million, or 30 cents a share, a year earlier.
No. 2 U.S. homebuilder, said a slowdown in new home orders would be 'short-lived' as Americans return to the market after a period of economic uncertainty.
PulteGroup also reported fatter margins and higher selling prices for the third quarter. Its shares rose as much as 7 percent on Thursday, pulling up the Dow Jones Home Construction index by 3 percent.
"The slowdown (in orders) will ultimately prove to be short-lived within a sustained, multi-year housing recovery," Chief Executive Richard Dugas said in a statement.
