Lennar Corp. (LEN) Profit Tumbles
Lennar Corp., one of the nation's largest homebuilders, said Tuesday its first-quarter profit tumbled 73 percent on continued softness in the housing market, and warned it doesn't expect to meet its 2007 earnings guidance.
Net income for the quarter ended Feb. 28 fell to $68.6 million, or 43 cents per share, from $258.1 million, or $1.58 per share, in the previous year's period. The results were in line with expectations of analysts polled by Thomson Financial.
Revenue declined 14 percent to $2.79 billion versus $3.24 billion a year ago, topping Wall Street's estimate of $2.49 billion.
Net income for the quarter ended Feb. 28 fell to $68.6 million, or 43 cents per share, from $258.1 million, or $1.58 per share, in the previous year's period. The results were in line with expectations of analysts polled by Thomson Financial.
Revenue declined 14 percent to $2.79 billion versus $3.24 billion a year ago, topping Wall Street's estimate of $2.49 billion.
Labels: LEN, Lennar Corp.
posted by Stock Administrator @ 7:24 AM
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