Centex 4Q profit falls 49 percent |
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Mon, 30 Apr 2007 21:47
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DALLAS (AP) - Homebuilder Centex Corp. said Monday its fiscal fourth-quarter profit fell 49 percent due to a drop in home closings, in what the company called one of the most difficult housing markets in 25 years.For the quarter ended March 31, net income fell to $198.9 million, or $1.60 per share, from $391.8 million, or $3.04 per share, in the prior-year quarter.The company reported a loss from continuing operations of $22.3 million, or 18 cents per share.Analysts polled by Thomson Financial expected a loss of 3 cents per share.Revenue dropped 11 percent to $3.67 billion from $4.13 billion in the fourth quarter of 2006. Analysts expected revenue of $3.34 billion.Revenue from homebuilding fell 12 percent to $3.52 billion. The company said the revenue drop was a result of a 14 percent year-over-year decline in home closings.For the year, profit fell 79 percent to $268.4 million, or $2.16 per share, from $1.29 billion, or $9.71 per share, in 2006. Revenue dipped 7 percent to $12.01 billion from $12.85 billion.Centex shares dipped $1.25, or 2.7 percent, to close at $44.77 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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