UB Builder - Profils down 73%, orders down 27%

[Blue_Horseshoe]

27th March 2007

Lennar (LEN), one of the nation’s largest home builders, said Tuesday that its first-quarter profit tumbled 73% on continued softness in the housing market made worse by problems with subprime lenders.

Lennar also warned it doesn’t expect to meet its 2007 earnings guidance.

A little about where Lennar are in the US market … from their own web site www.lennar.com

Lennar Corporation, founded in 1954, is headquartered in Miami, Florida and is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and retirement homes in Communities that cater to almost any lifestyle – such as urban, golf course, Active Adult or suburban Communities.

Lennar builds homes in 17 different states in some of the finest markets in the nation.

From interview given by management today, “the traditional spring sales have just not turned up”.

usatoday.com/money/economy/h … sing_N.htm

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