Share story

ATLANTA (AP) — PulteGroup Inc. (PHM) on Tuesday reported first-quarter net income of $170.8 million.

On a per-share basis, the Atlanta-based company said it had profit of 59 cents.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The homebuilder posted revenue of $1.97 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.84 billion.

PulteGroup shares have dropped 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has climbed 24 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PHM at https://www.zacks.com/ap/PHM