Centex purchase haunts Pulte one year later

Pulte suffered nearly $1 billion in losses in the third quarter as orders fell and charges racked up on its $1.3-billion purchase of Centex a year ago, the Wall Street Journal reported. To combat the losses, the company plans to reduce costs by nearly $100 million next year by consolidating divisions and cutting staff. Pulte reported losses of about $360 million a year ago.

By Todd Loesch, Housing Zone Contributing Editor | November 5, 2010

 

Pulte suffered nearly $1 billion in losses in the third quarter as orders fell and charges racked up on its $1.3-billion purchase of Centex a year ago, The Wall Street Journal reported.

To combat the losses, the company plans to reduce costs by nearly $100 million next year by consolidating divisions and cutting staff. Pulte reported losses of about $360 million a year ago.

“We’re frustrated…to be bumping around at the break-even level, a little bit above, a little bit below at any given quarter on our core business, and that’s not acceptable,” Chief Executive Richard Dugas said during the company’s conference call with analysts and investors.

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