Lennar Announces Huge Loss of 244 Million for 2nd Quarter 2007
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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.