PulteGroup orders fall 17 pct as higher interest rates hurt demand

Reuters

Oct 24 (Reuters) - PulteGroup Inc, the No.2 U.S.homebuilder, said orders fell 17 percent in the third quarter ashigher interest rates delayed home sales.

Net profit rose to $2.28 billion, or $5.87 per share, from$116.6 million, or 30 cents per share, a year earlier.

The latest reported results include reversal of a deferredtax asset valuation allowance of $2.1 billion, or $5.42 pershare.

The company said orders fell to 3,781 homes in the quarterended Sept. 30.

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