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| Centex reports second quarter results Centex Corporation, one of the largest homebuilders in the United States, reported financial results for its fiscal second quarter ended September 30, 2006. Fiscal 2007's second quarter revenues were $2.66 billion, 8% lower than the same quarter last year. Reported home building operating earnings were $124 million for the quarter, after the write off of $90 million of option deposits and land pre-acquisition costs and $41 million of land valuation adjustments. Housing operating earnings (housing revenues less housing cost of sales and SG&A) were $234 million, driven lower by a 7% decrease in closings to 8,525 homes and increased sales incentives. The margin from housing operations was 9.0% in this year's second quarter. The home building operating margin, as reported, was 4.7% in this year's second quarter, primarily a result of a 490 basis point impact from land related expenses. For the current six months, revenues were $5.31 billion, essentially equal to the same period in fiscal 2006. Reported home building operating earnings were $406 million for the six-month period this year, 49% below the year-ago period. Taking into consideration its current backlog and the uncertainty of the current housing market conditions, Centex's full year 2007 earnings guidance is now $4.00 per fully diluted share from continuing operations. Centex's guidance for its third fiscal quarter ending December 31, 2006, is $0.90 per fully diluted share from continuing operations. write your comments about the article :: © 2006 Construction News :: home page |