Lennar posts smaller fiscal 1st-quarter loss

[March 24, 2010]  MIAMI (AP) -- Lennar says its fiscal first-quarter loss narrowed as the homebuilder offered fewer sales incentives and trimmed costs.

Lennar says the housing market is stabilizing, as seen by improved traffic, increased backlog and lower cancellation rates during the quarter. The company says it's on track to post a profit for fiscal 2010.

Lennar reported a loss of $6.5 million, or 4 cents per share, for the period ended Feb. 28. That's smaller than its loss of $155.9 million, or 98 cents per share, a year ago.

Analysts predicted a much bigger loss of 30 cents per share.

Selling, general and administrative expenses fell 20 percent.

Revenue slipped 3 percent to $574.4 million from $593.1 million, topping Wall Street's forecast of $568.2 million.

[Associated Press]

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