Dallas, TX, October 26, 2006--Homebuilder Centex announced a 59% decline in its fiscal second-quarter net income, driven by the continued underperformance of the US housing sector.
The company said that its net income for the second-quarter plummeted to $137.4 million or $1.11 per share, from $334.5 million or $2.49 per share, in the year-ago period. The company’s net income, however, came in ahead of the average expectations of the Wall Street analysts.
Centex said that its quarterly revenues fell 3% to $3.32 billion, from $3.42 billion a year earlier. The company guided to per-share income from continuing operations of 90¢ in the third-quarter, up from 70¢ in the current quarter, and to $4 for fiscal 2007. Centex’s Chairman and CEO, Tim Eller, said, "…Cost reduction measures, along with the expectation for strong cash generation, will continue to position us for market share gains through the cycle."
