Monday, Lennar Corp. (LEN,LEN.B) reported third-quarter net loss of $171.61 million or $0.97 per share, compared with a net loss of $88.96 million or $0.56 per share, in the same period of fiscal 2008.
The loss per share for the current-year quarter included a $0.42 per share charge related to valuation adjustments and other write-offs and a $0.34 per share charge related to a non-cash deferred tax asset valuation allowance.
The company's total revenues were $720.73 million, down from $1.11 billion in the prior-year quarter.
Revenues from home sales decreased 36% in the third quarter to $635.3 million from $995.7 million last year. Revenues were lower primarily due to a 28% decrease in the number of home deliveries, excluding unconsolidated entities, and a 12% decrease in the average sales price of homes delivered in the third quarter of 2009, the company noted.
On average, analysts polled by Thomson Reuters expected a loss of $0.46 per share for the quarter on sales of $774.36 million. Analysts' estimate typically excludes one-time items.
"Assuming the economy continues to stabilize, we believe our improved sales environment, increasing pre-impairment gross margins and ability to leverage S,G&A should enable us to return to profitability in fiscal 2010," stated Stuart Miller, President and Chief Executive Officer of Lennar Corp.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.