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| Centex reports `challenging' Q3 Dallas-based residential construction company Centex Corporation reported financial results for its third fiscal quarter ended December 31, 2006. Total third quarter revenues were $3.28 billion, 7% lower than the same quarter last year. Housing operating earnings (housing revenues less housing cost of sales and SG&A) were $76 million, driven lower by a 12% decrease in closings to 8,360 homes and increased sales incentives. Housing gross margin decreased 990 bp to 19.7%. Loss from continuing operations was $1.96 per diluted share. Unit backlog declined 32% on a decrease in sales (orders) of 24%. Tim Eller, Centex Corporation chairman and CEO, said, "This was certainly a challenging quarter. But our aggressiveness in responding to the current housing environment is showing positive tangible results in our operations. In the quarter we produced positive cash flow while making reductions in lots owned and controlled. Moving forward, we're focused on generating cash, reducing costs and strengthening our balance sheet so we are well positioned when market conditions improve." write your comments about the article :: © 2007 Construction News :: home page |