Losses Widen at Homebuilder Lennar
Stock quotes in this article:LEN
MIAMI -Homebuilder Lennar(LEN) 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. >To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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