No. 2 U.S. homebuilder PulteGroup Inc
Pulte reported a net profit of $76 million, or 20 cents per share, compared with Wall Street estimates of a loss of a penny, according to Thomson Reuters I/B/E/S.
The results included $82 million in benefits related to income taxes but also $45 million in charges on land and mortgages.
Last year, PulteGroup posted a loss of $189.5 million, or 74 cents per share. The company had also recorded a net loss in the first quarter.
Revenue almost doubled to $1.31 billion.
The Bloomfield, Michigan-based company said demand had stabilized at a low level after declining following the April expiration of a U.S. tax credit for first-time homebuyers. Orders rose 25 percent to 4,218 in the quarter, flat with the first quarter.
But Credit Suisse analyst Dan Oppenheim sees a 13 percent decline in orders in the third quarter due to the weakness in demand.
Our industry continues to face incredibly low demand, said Chief Executive Richard Dugas during a conference call with analysts. Right now the industry's biggest issue is a lack of buyers.
Pulte's rivals, such as No. 1 D.R. Horton Inc
Pulte's shares were up 2 percent at $8.60 in mid-morning trading on the New York Stock Exchange.
(Reporting by Helen Chernikoff and Scott Malone, editing by Dave Zimmerman)