Tuesday, Mar 27, 2007
The Canary in the Coal mine?
Bloomberg: Lennar's Profit Falls 73% as U.S. Home Demand Wanes
The US' largest homebuilder reported an earnings drop of 73% for Q1 '07 compared to Q1 '06: $68.6 million, or 43 cents a share, from $258.1 million or $1.58, a year earlier. They are now calling this the "biggest drop in U.S. home sales since 1990". And what did we have back in the '90s in the UK? But even more worrying is the inventory value of their unsold homes fell 51%! 3.45 billion from $7.1 billion. Others must now surely fall... is it pouring yet?!
Posted by layers @ 06:26 PM (168 views) Add Comment
1 Comment
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1. auntie said...
"Lennar posted a loss on land sales of $26.5 million in the first quarter relating to options over 4,000 sites it no longer intends to buy, compared with a profit of $49.1 million a year earlier."
Am remedial in maths, but that does seem like quite a lot of dosh?