July 23, 2020 / 10:42 AM / 17 days ago

PulteGroup profit jumps about 45% as more people buy houses

July 23 (Reuters) - U.S. homebuilder PulteGroup Inc on Thursday reported a 44.6% rise in quarterly profit, as record low mortgage rates encouraged Americans to buy house.

The company said net income rose to $348.6 million, or $1.29 per share, in the second quarter ended June 30, from $241 million, or 86 cents per share, a year earlier.

The quarter included a $61 million pre-tax benefit from an insurance reserve adjustment and $10 million of pre-tax severance charges.

Total revenue rose 4.2% to $2.59 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli)

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