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PulteGroup Shares Climb on Q3 Results

Shares of PulteGroup Inc. (NYSE: PHM) gained sharply on Thursday after the homebuilder reported better-than-expected fiscal third quarter results. Higher selling prices and increased number of closing helped drive up the revenue even as new orders fell. For the latest period, average selling prices climbed 11% to $310,000. Home-building cost of revenue rose 18%. Home sales gross margin (after excluding impairments) widened to 22.5% from 21.6%. Non-GAAP earnings stood at 45 cents on revenue of $1.58 billion. Analysts had expected earnings of 36 cents on revenue of $1.46 billion.

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