Home builder Lennar Corp's loss widened in its fiscal first quarter, but it managed to generate more sales than some analysts had expected amid the start of a dismal spring selling season.
For the three months ended Feb. 28, Lennar reported a loss of $155.9m, or 98 cents a share, compared with a year-ago loss of $88.2m, or 56 cents a share. Revenue plunged 44% to $593.1m.
'Despite historically low interest rates and some indicators pointing toward market stabilization, low consumer confidence, increased unemployment and growing foreclosure rates negatively impacted new home sales in most of our markets,; chief executive Stuart Miller said in a statement.
Wall Street Journal