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U.S. homebuilder Lennar posted a wider-than-expected quarterly loss, weighed by falling home deliveries and average home prices, even as the housing market experienced an uptick in new home sales.
"While we are sensing pent-up demand in the market, rising unemployment, increased foreclosures and tighter credit standards continue to present challenges for the industry...," Chief Executive Stuart Miller said in a statement.
This combined with a recent spike in mortgage rates has made it difficult to predict when the market will ultimately turn the corner, he added.
Second-quarter loss was $125.2 million, or 76 cents a share, compared with a loss of $120.9 million, or 76 cents a share a year ago. Revenue fell 21 percent to $891.9 million.
On a comparable basis, analysts were looking for a loss of 70 cents a share on revenue of $599.5 million, according to Reuters Estimates.
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The quarterly loss included charges of 38 cents a share related to valuation adjustments and other write-offs, and 27 cents a share on a non-cash deferred tax asset valuation allowance, Lennar said.
New home deliveries fell 16 percent, excluding unconsolidated entities, while average sales price of homes delivered fell 8 percent during the quarter, the company said.
Cancellation rate fell to 15 percent from 22 percent a year ago.
The company ended the quarter with $1.4 billion in cash, helped by cutting down its completed, unsold inventory by 53 percent to 626 homes at Feb. 28.
Lennar [LEN
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] shares were down 2 percent at $7.66 in trading before the bell. They had closed at $7.82 Wednesday on the New York Stock Exchange.
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