UPDATE 3-Lennar Q2 loss widens; new home sales up sequentially

jueves 25 de junio de 2009 15:44 CEST
 

* Q2 loss $0.76/shr vs est $0.70/shr loss

* Rev down 21 pct

* New home deliveries up 47 pct vs Q1

* New orders up 63 pct vs Q1

* Shares up almost 10 pct (Adds details, share movement)

June 25 (Reuters) - U.S. homebuilder Lennar Corp (LEN.N: Cotización) posted a wider year-over-year quarterly net loss, but saw a sequential rise in new home sales and orders, sending its shares up almost 10 percent in early trade.

"During the second quarter, the housing market experienced a rise in sales of new homes, compared to the first quarter, as more confident homebuyers took advantage of increased affordability," Chief Executive Stuart Miller said in a statement.

Declining home prices, low interest rates and government stimulus programs created purchasing opportunities and made it more compelling for homebuyers to enter the market, he added.

Second-quarter new home deliveries rose 47 percent, while new orders were up 63 percent sequentially. Cancellation rate fell to 15 percent from 22 percent a year ago.   Continuación...