PulteGroup, Inc., Atlanta (NYSE: PHM) reported an 87% increase in net income to $171 million, and a 111% gain in earnings to $0.59 per share for the first quarter ended March 31. The gain compares to income of $92 million, or $0.28 per share, including $0.03 per share of expense associated with the resolution of insurance matters. Analysts were expecting a gain of $0.46 per share.
Home sale revenues for the first quarter totaled $1.9 billion, an increase of 21% over the prior year. Higher revenues for the quarter were driven by a 10% increase in average selling price to $413,000, in combination with a 9% increase in closings to 4,626 homes.