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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