Lennar Announces Huge Loss of 244 Million for 2nd Quarter 2007
Lennar Home Builders has announced their earnings today and it was ugly.
The company’s total home deliveries were down 28% from last year, while new orders fell 31%. Moving ahead, Lennar anticipates the downturn in the market to continue. The company also expects to be in a loss position in the third quarter.
My question is, did Lennar drop all their bad news at once to get it over with and clean the books, or is this a harbinger of things to come?
Lennar [LEN|LEN], one of the nation’s top homebuilders, reported a second quarter loss of $244.2 million versus a profit of $324.7 million in the same period a year ago. The company stated that it is having to deal with high inventories and dropping real estate prices and expects a loss in the third quarter as well. Trading Markets
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Comment by Michael Krotchie on 26 June 2007:
“My question is, did Lennar drop all their bad news at once to get it over with and clean the books, or is this a harbinger of things to come?”
Yes and yes! I think we’re going to see very similar reports from several major homebuilders in the near future. Should be a fun ride! Weeeeeee!
Comment by havensofmanhattan on 26 June 2007:
Yeah this is just the beginning of the bad news. Too much inventory.
Comment by Bryce Beattie on 26 June 2007:
It’s like they never even heard of supply & demand before. Common sense should warn not to build where and when there’s no demand.