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Housing Giants Edge Closer to Profitability, Second-Quarter Earnings Show
Many reporting lower inventory levels, sales increases
Sara Zailskas, Assistant Managing Editor
June 26, 2009
HousingZone
The nation’s largest builders continue to release second-quarter earnings data, and many are reporting lower inventory levels and sales increases due to factors including housing affordability, declining listings and sharp declines in monthly market inventory supply. KB Home’s Open Series, which targets first-time home buyers at a lower price point, have led to historical rates across the board; 72 percent of its deliveries are those of first-time home buyers. The company’s net loss for the second quarter was $78.4 million, compared with 2008 second-quarter losses of 255.9 million. View KB Home Second-Quarter Earnings Report here.
Lennar reduced its inventory 53 percent since late February. Lennar also attributed sales success to small-home plans. Its second quarter losses for 2009 were $125.2 million, compared with $120.9 million a year ago. View Lennar’s Second-Quarter Earnings Report here.
D.R. Horton’s second-quarter revenue, $775.3 million, is almost half that of second-quarter 2008 ($1.6 billion), but the company is much closer to profitability; losses for the second quarter dropped to $108.6 million compared with $1.3 billion a year ago. View D.R. Horton’s Second-Quarter Earnings here.
Toll Brothers also reported a reduction in overall net losses, with second-quarter figures coming in at $83.2 million compared with $93.7 million in 2008’s second quarter. View Toll Brothers’ Second-Quarter Earnings Report here.
K. Hovnanian’s total land positioning decreased 33 percent year-over-year, and its cancellation rate dropped to a more normalized 24 percent, compared with 29 percent a year ago. Its losses were $97.4 million for the second quarter; last year they were $89.7 million. View K. Hovnanian’s Second-Quarter Earnings here.
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