PulteGroup Q3 Earnings Miss

After reporting three straight quarters of beats, PulteGroup Inc PHM earnings for the third quarter failed to meet analysts' estimates.

The homebuilder reported net income of $128 million, or $0.37 a share, for the third quarter. This included $31 million, or $0.06 a share, charges. Excluding the charges, it would have earned $0.43 per share and missed the Street analysts' expectations of $0.44 a share.

PulteGroup's total revenue advanced 29 percent to $1.94 billion, which is modestly below the Street analysts' predictions of $1.95 billion.

In the year-ago quarter, the company delivered net income of $108 million, or $0.30 a share, including $0.03 a share towards charges. Revenue in the same period was $1.51 billion.

President and CEO, Ryan Marshall, commented, "Of particular note, the 25% increase in the value of our Q3 orders, one of the largest gains we have realized in years, benefited from the increased land investments we made in recent years and strong sales activity across all buyer groups, as first time, move up and active adult all gained over last year."

While net new orders recorded 17 percent growth, value of net new orders grew 25 percent to $1.8 billion in the third quarter.

On Wednesday, the stock closed at $19.88.