Pursuits
PulteGroup Slides After Builder's Earnings Miss Estimates
- Completions delayed by construction labor shortage, CEO says
- Shares fall most since April; biggest drop among homebuilders
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PulteGroup Inc., the third-largest U.S. homebuilder by market value, fell the most in six months after reporting lower-than-expected earnings for the third quarter as labor shortages delayed completions.
Net income dropped to $108 million, or 30 cents a share, from $141 million, or 37 cents, a year earlier, the Atlanta-based company said Thursday in a statement. The average of 14 analyst estimates was for earnings of 43 cents a share, according to data compiled by Bloomberg.