The Archives
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12.02.08Beazer Homes 4Q loss widensFrom Forbes: Struggling homebuilder Beazer Homes USA Inc. said Tuesday its fiscal fourth-quarter losses more than tripled as revenue plunged and its income tax provision ballooned. Losses for the quarter ended Sept. 30 totaled $473.9 million, or $12.29 per share, compared with year-ago losses of $155.2 million, or $4.03 per share. Losses from continuing operations totaled $12.32 per share in the latest period. Atlanta-based Beazer said revenue fell to $712.6 million from $1.09 billion as home closings tumbled 38 percent. Meanwhile, the company's income tax provision swelled to $334.9 million versus a tax gain of $76.6 million last year. Having posted losses for the ...
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11.19.08Builders’ confidence sinks to new lowFrom CNN: Homebuilders' confidence in the housing market again plunged to a record low, dragged down by poor financial market conditions, rising unemployment and consumer anxiety, a trade group said Tuesday. The National Association of Home Builders (NAHB)/Wells Fargo housing market index for November fell to a seasonally adjusted reading of 9, the lowest recorded level since the index began in 1985. Economists surveyed by Thomson/IFR expected the index to remain at 14, the previous record low set in October. A reading below 50 indicates that builders who think home-sales conditions are poor outnumber those who think the environment is positive for sales. ...
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09.23.08Lennar reports sixth-straight quarterly lossFrom Bloomberg: Lennar Corp., the second-largest U.S. homebuilder, reported its sixth straight quarterly loss as potential buyers struggled to get mortgages and rising foreclosures increased the supply of homes on the market. The fiscal third-quarter net loss narrowed to $89 million, or 56 cents a share, from $513.9 million, or $3.25 a share, a year earlier, Miami-based Lennar said today in a statement. Revenue fell 53 percent to $1.1 billion. ``The weakness in the market actually accelerated as a result of increased foreclosures, weakened consumer confidence and tightened mortgage lending standards,'' Chief Executive Officer Stuart Miller said in the statement. Lennar was forced to ...
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09.04.08Toll Brothers reports loss, sees lower revenuesFrom Reuters: Luxury home builder Toll Brothers (TOL.N: Quote, Profile, Research, Stock Buzz) swung to a third-quarter net loss, hurt by write-downs and weakened demand in most markets amid the nation's housing slump, and forecast sequentially lower revenue in the fourth quarter on higher costs. The largest U.S. luxury home builder reported a net loss of $29.3 million, or 18 cents a share, compared with a net profit of $26.5 million, or 16 cents a share, a year earlier. Excluding write-downs for operating communities, land and land options, and joint ventures, the company earned 35 cents a share. Total revenue fell 34 percent to ...
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08.19.08Single family home starts hit 17-year low. Again!From CNN: Home building fell sharply in July to a 17-year low, according to government readings released Tuesday that offered fresh signs that the battered real estate market has yet to hit bottom. Housing starts plunged 11% to an annual rate of 965,000 from a revised 1.084 million pace in June, according to the Census Bureau report. Economists surveyed by Briefing.com had forecast starts would fall to a rate of 960,000. Permits - often seen as a sign of builders' confidence in the housing market - tumbled 17% to an annual rate of 937,000 from a revised 1.138 million in June. Economists had forecast ...