Wait a second....I thought the housing market had bottomed, HAHAHA....

Discussion in 'Trading' started by S2007S, Jan 2, 2007.

  1. S2007S



    Great way to start off 2007....

    Lennar Sees Weaker 4Q Earnings Results
    Tuesday January 2, 6:57 am ET
    Lennar's Sees 4Q Results Hurt by Inventory Valuation Adjustments, Writeoffs

    MIAMI (AP) -- Homebuilder Lennar Corp. said Tuesday its fourth-quarter results will be hurt by inventory valuation adjustments and writeoffs.

    The company said it sees a quarterly loss of 88 cents to $1.28 per share after valuation adjustments and writeoffs. Excluding items, fourth-quarter earnings are forecast between 70 and 75 cents per share.


    Analysts polled by Thomson Financial are looking for net income of $1.07 per share.

    "Market conditions continued to weaken throughout the fourth quarter and we have not yet seen tangible evidence of a market recovery," President and Chief Executive Stuart Miller said in a statement. "Given the steep decline in many of our markets, we are completing our asset-by-asset review and will adjust asset balances to reflect fair value in the current market environment."

    During the quarter and fiscal year ended Nov. 30, the company delivered 14,006 homes and 49,568 homes, respectively, compared with 14,403 homes and 42,359 homes in the same periods last year, an increase of 17 percent for fiscal 2006.

    New orders for the quarter and year totaled 9,606 and 42,212, respectively, down 6 percent and 3 percent, year-over-year. Lennar's total dollar value of homes in backlog as of Nov. 30 was $4 billion, down sharply from last year's $6.9 billion.