Homebuilder PulteGroup posts profit in 2nd quarter as tax credits help drive completed sales

Summary Box: PulteGroup 2nd-quarter results

IN THE BLACK: Homebuilder PulteGroup Inc. turned in its first profitable quarter in more than three years as home closings doubled, driving revenue 92 percent higher.

TAX CREDIT BOOST: The surge in completed sales came as buyers raced to meet a June 30 deadline to qualify for federal tax credits. The builder’s acquisition of rival Centex Corp. last year was key because it bolstered its inventory of homes aimed at first-time buyers.

WEAKER ORDERS: Management said orders fell after the tax credit expired on April 30 and remain stable, but well below normal levels.