MIAMI (AP) -- Lennar, one of the nation's largest homebuilders, said Thursday its second-quarter loss narrowed but the company also said it sees housing market conditions deteriorating even more this year.
Miami-based Lennar Corp. (LEN, Fortune 500) said losses shrank to $120.9 million, or 76 cents per share, from $244.2 million, or $1.55 per share, a year ago. The latest results include charges of 60 cents per share to write off land values and deposits.
Revenue fell 61% to $1.13 billion from $2.88 billion.
Analysts surveyed by Thomson Financial expected a loss of 55 cents per share on revenue of $1.09 billion.
Backlog fell 56% to $1.3 billion.
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[Via Home Mortgage Rates and Real Estate News]
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