Builder Centex Reports Worse Than Expected Loss

Dallas, TX, Feb. 3, 2009--Centex Corp. reported a narrower third-quarter loss that was worse than Wall Street had expected, citing "unprecedented buyer hesitancy."

The builder reported a loss from continuing operations for its quarter ending Dec. 31 of $663.9 million, or $5.34 cents per share, compared with a loss from continuing operations of $975.2 million, or $7.95 per share, a year earlier.

Analysts, on average, had expected a loss for the quarter of $4.25 per share.

Centex said the loss included $590 million in impairment charges and land-related charges, compared with $554 million in charges in the same quarter in 2007.

"We continued to move with urgency to reduce our cost structure, accelerating overhead reductions and further reducing land-related spending," Chief Executive Timothy Eller said in a statement.

Centex said revenue fell more than 53 percent to $872.2 million.

The Dallas-based builder had already reported a preliminary 80 percent plunge in third-quarter orders to 1,080 units.