Industry News

Home builder Lennar Corp. reports $244M Q2 loss

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Lennar Corp. (NYSE: LEN), one of largest U.S. home builders, this week reported a second-quarter net loss of $244.2 million, compared with net earnings of $324.7 million for second-quarter 2006. That represents a loss of $1.55 per diluted share for the quarter ended May 31. Following the earnings announcement, the company's stock price per share dropped $1.20 on Tuesday to $37.55. The company's performance reflects a continuing downturn in the housing market, said Stuart Miller, Lennar Corp. CEO and president, in an earnings announcement Tuesday. "The housing market has continued to deteriorate," Miller stated. He also said that "weak, and perhaps deteriorating, market conditions" may continue for the rest of the year, and company officials expect a third-quarter loss. "The supply of new and existing homes has continued to increase, resulting in declining home prices across our markets. We have continued to adjust pricing to meet today's market conditions. This has allowed...