Lennar; 4th Straight Loss
Lennar, the #3 U.S. homebuilder, reported its 4th straight quarterly loss...
with a Q1 net loss of $88.2 million vs $68.6 Million profit a year ago. Revenue plunged and Lennar wrote down more than $100 million worth of land and deposits.
Sales fell to the lowest in eight years, dropping 62% to $1.06 billion. New orders slid 57%, cancellation rate 26%; order backlog -67%;
Home deliveries -60%; average price -8.3%. Lennar said in a statement today it's abandoning plans to buy 2,600 homesites.
Lennar CEO Stuart Miller: "The U.S. economy has now slipped into recession. Home prices continue to be under pressure.
Land prices are under greater pressure. Prices for new homes are generally below those for existing houses."
with a Q1 net loss of $88.2 million vs $68.6 Million profit a year ago. Revenue plunged and Lennar wrote down more than $100 million worth of land and deposits.
Sales fell to the lowest in eight years, dropping 62% to $1.06 billion. New orders slid 57%, cancellation rate 26%; order backlog -67%;
Home deliveries -60%; average price -8.3%. Lennar said in a statement today it's abandoning plans to buy 2,600 homesites.
Lennar CEO Stuart Miller: "The U.S. economy has now slipped into recession. Home prices continue to be under pressure.
Land prices are under greater pressure. Prices for new homes are generally below those for existing houses."
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