CHICAGO, Feb 3 (Reuters) - Centex Corp, the third-largest U.S. homebuilder, on Tuesday reported a narrower third-quarter loss, citing 'unprecedented buyer hesitancy,' but it was bigger than Wall Street expected and its shares fell after-hours.
The builder reported a loss from continuing operations 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, according to Reuters Estimates.
'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.
Revenue fell more than 53 percent to $872.2 million. Analysts had expected revenue of $887.0 million.
The Dallas-based builder had already reported a preliminary 80 percent plunge in third-quarter orders to 1,080 units.
Centex shares fell to $8.95 from a close of $9.18 on the New York Stock Exchange on Tuesday.
(Reporting by Nick Carey) Keywords: CENTEX/ (email: nick.carey@thomsonreuters.com; +1-312-408-8756) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The builder reported a loss from continuing operations 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, according to Reuters Estimates.
'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.
Revenue fell more than 53 percent to $872.2 million. Analysts had expected revenue of $887.0 million.
The Dallas-based builder had already reported a preliminary 80 percent plunge in third-quarter orders to 1,080 units.
Centex shares fell to $8.95 from a close of $9.18 on the New York Stock Exchange on Tuesday.
(Reporting by Nick Carey) Keywords: CENTEX/ (email: nick.carey@thomsonreuters.com; +1-312-408-8756) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.