Lennar narrows loss on cost cuts
From Times Wire Services
Lennar Corp., one of the nation’s largest home builders, said that its sales in the third quarter plunged more than 50% and that it didn’t expect the housing market to improve “for some time to come.”
By slashing costs, Lennar narrowed its loss to $89 million, or 56 cents a share, during the three months ended Aug. 31, from a loss of $513.9 million, or $3.25, in the year-ago quarter. Revenue fell to $1.11 billion from $2.34 billion.
Lennar’s results were in line with Wall Street forecasts, but its outlook disappointed investors, who sent its shares down almost 8%, or $1.01, to $12.73.
