Real Estate
Losses Widen at Homebuilder Lennar
The Associated Press
06/25/09 - 06:50 AM EDT
MIAMI -Homebuilder Lennar(LEN Quote) reported a wider-than-expected second-quarter loss as the homebuilder took some writeoffs to adjust land and inventory values and dealt with fewer home deliveries and a drop in new orders.
The company lost $125.2 million, or 76 cents a share, for the three months ended May 31. That compares with a loss of $120.9 million, or 76 cents a share, a year earlier.
Results included 38 cents a share for valuation adjustments and other writeoffs and a charge of 27 cents a share for a tax asset valuation allowance.
Lennar said revenue dropped to $891.9 million from $1.13 billion partly on fewer home deliveries.
Analysts forecast a loss of 64 cents a share on revenue of $597.5 million.