PulteGroup Inc.'s year-to-year reduction in land and mortgage-related charges combined with a tax benefit contributed to a net profit in the second quarter.
The builder took about $45 million in mortgage and land-related charges and generated $76 million in net income during the three-month period ended June 30. The mortgage-related charges were down compared to the $130 million in similar charges the company took during the same period a year ago, when it took a $189 million net loss.
While on a pre-tax basis the company in the second quarter of this year took a $6 million net loss due to the land and mortgage-related charges, this was offset by a net benefit from income taxes of $82 million.
PulteGroup's second quarter 2010 earnings included the operations of Centex during the period, a builder it acquired in August of last year. The company did not adjust its comparable second quarter 2009 results for that transaction.
