Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Home builder Lennar Corp. lost nearly $200 million in the fourth quarter of 2006, but said it will boost earnings this year by cutting expenses and slowing the pace of home building by 20 percent. Lennar's fourth-quarter losses of $195.6 million, or $1.24 per share, compares with $581.2 million in profits in the same quarter of 2005. Earnings for the year ending Nov. 30 totaled $593.9 million, or $3.69 per share, down 56 percent from $1.34 billion in 2005. President and Chief Executive Officer Stuart Miller said uncertain market conditions "make it difficult to provide a 2007 earnings goal" but that if unemployment and interest rates stay low -- and the market for new homes "demonstrates traditional, seasonal improvement" -- Lennar will meet or exceed last year's earnings. Revenue fr...