Lennar posts wider loss in Q3, but market improves

[September 21, 2009]  MIAMI (AP) -- Lennar Corp. reported a wider loss in its fiscal third quarter as the homebuilder continued to write down the value of its land and unsold homes.

While customer orders were down 8 percent from the prior-year period, the number of new orders increased each month during the quarter and the Lennar ended August with the highest backlog in a year.

"The overall housing market continued its road back to recovery as more confident homebuyers took advantage of increased affordability," Stuart Miller, Lennar's president and CEO, said in a statement.

The company sold 2,691 homes, down 29 percent from year-ago levels.

The company reported Monday that it lost $171.6 million, or 97 cents per share, in the three months ended in August. That includes 76 cents per share in write-downs and tax adjustments, and compares with a loss of $89 million, or 56 cents per share, a year earlier.

Revenue fell 35 percent to $720.7 million from $1.11 billion.

Analysts were expecting a loss of 46 cents a share on revenue of $774.4 million.

The Miami-based builder ended the quarter with a cash cushion of $1.34 billion and no outstanding borrowings under its credit facility.

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Lennar Corp: http://www.lennar.com/

[Associated Press]

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