Tuesday, September 25, 2007

Lennar Revenues Down 44% in Third Quarter

Lennar Corp., one of the nation’s largest home builders, reported revenues for the third quarter of 2007 of $2.3 billion, down 44% from the same period last year. The company’s third quarter net loss in 2007 was $513.9 million, compared to third quarter net earnings of $206.7 million in 2006.
The builder had new orders for 5,804 new homes, down 48% from the third quarter of last year, and a cancellation rate of 32%. It has laid off 35% of its workforce to date.

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