Lennar Corporation, the second largest home builder in the U.S. announced on Tuesday that it was posting stunning losses for its third quarter of 2007 which ended on August 31.
According to Reuters, Wall Street analysts had been expecting losses but in the vicinity of 0.55 per share. Instead the returns came in at a loss of $513.9 million or $3.25 per share. One year ago the company had posted a profit of $1.30 per share.
The builder also announced that sales were off 44 percent and that it had cut 35 percent of its jobs over the last year and anticipated further costs would be necessary.
Read more . . . .www.mortgagenewsdaily.com/92620...le.asp
According to Reuters, Wall Street analysts had been expecting losses but in the vicinity of 0.55 per share. Instead the returns came in at a loss of $513.9 million or $3.25 per share. One year ago the company had posted a profit of $1.30 per share.
The builder also announced that sales were off 44 percent and that it had cut 35 percent of its jobs over the last year and anticipated further costs would be necessary.
Read more . . . .www.mortgagenewsdaily.com/92620...le.asp
