Lennar Posts Wider Loss on Writedowns

(Update adds pre-market stock movement.)

It's no secret that the homebuilding business has been pretty taxing of late. Case in point is Lennar(LEN Quote), which posted a loss for the second quarter thanks to a swirl of sales declines, charges and writedowns.

Lennar Thursday said it lost $125.2 million, or 76 cents a share, in the quarter, compared with a loss of $120.9 million, or 76 cents, a year earlier. The loss also included a charge of 38 cents a share for valuation adjustments and other write-offs, and another charge of 27 cents a share for a tax asset allowance.

Though CEO Stuart Miller noted that there was a small uptick in new home sales in the second quarter from the first, weak economic conditions continued to challenge the industry. The Miami-based concern said revenue fell 21% to $891.9 million. Still, that's better than the $597.5 million analysts polled by Thomson Reuters had anticipated. Analysts also forecast a loss of 64 cents a share. ...