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| Centex reports loss US home builder Centex Corporation reported financial results for its fiscal fourth quarter and fiscal year ended March 31, 2007. Net earnings for fiscal 2007 totaled $268 million, or $2.16 per a share, down from $1.29 billion, or $9.71 per a share, in the prior year. The Dallas-based company reported a fourth-quarter net profit of $199 million, or $1.60 per a share, down from $392 million, or $3.04 per a share, in the prior year's fourth quarter. The loss from continuing operations for fiscal 2007's fourth quarter was $22 million, or a loss of $0.18 per share, down from earnings of $369 million, or $2.86 per a share in the previous year's fourth quarter. "In reacting to one of the most difficult markets in 25 years, we accomplished important goals that lay the groundwork for the future", said Tim Eller, chairman and CEO of Centex Corp. in a statement. "We reduced costs, continued to align our land position with current demand and generated $1 billion in cash. Additionally, we profitably sold our sub-prime mortgage and commercial contracting businesses. Although we still see uncertainty in many of our markets, we are in position to increase our market share and generate additional cash." write your comments about the article :: © 2007 Construction News :: home page |