Homebuilder PulteGroup Inc's quarterly pretax loss narrowed and it said the U.S. housing market is showing signs of stability.
The No. 2 U.S. homebuilder posted a net loss of $165.4 million, or 44 cents a share, compared with a loss of $116.9 million, or 31 cents per share, a year earlier.
The loss includes $196 million in charges related to land write-downs, debt and restructuring, and $35 million in tax benefits.
The loss before income taxes shrank to $190.5 million from $917.2 million last year.
After four years of steep declines, the U.S. housing market continues to show signs of stabilizing, albeit at historically low levels, Chief Executive Richard Dugas Jr said in a statement.
Within this environment, our underlying homebuilding business is operating around the breakeven mark after adjusting for charges.
Orders in the quarter fell 19 percent to 3,044 homes, in line with the 16.7 percent decrease reported by bigger rival D.R. Horton Inc late last month.
Revenue slumped 31.5 percent to $1.19 billion, while revenue from homebuilding fell 31 percent to $1.16 billion.
Pulte shares were up 4.8 percent at $7.90 in premarket trading.
(Reporting by Helen Chernikoff and Ben Klayman; Editing by Derek Caney and John Wallace)