Tough times continue for Lennar as the company reported a $1.3 billion loss for its fiscal fourth quarter ending on Nov. 30, 2007. The big builder lost $1.9 billion for its fiscal year, or $12.31 per share compared to net earnings of $593.9 million or $3.69 per share a year ago.
"While we are hopeful that recent interest rate moves by the Federal Reserve and recent plans proffered by the federal government will have a stabilizing impact on the housing market, business conditions remained depressed and in fact, continued a downward slide through the end of our fourth quarter," said Stuart Miller, president and CEO of Lennar in a prepared press release.
Revenues from home sales decreased 51 percent in Lennar's fiscal fourth quarter to $2 billion from $4 billion in 2006. Revenues fell primarily due to a 49 percent decrease in the number of home deliveries and a 4 percent decrease in the average sales price of homes delivered in 2007.
Loss on land sales totaled $1.2 billion in the fourth quarter of 2007.
