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Housing

Earnings Preview: Lennar (June 2007) (LEN, XHB, ITB)

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By Douglas A. McIntyre Published
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Lennar Corp. (LEN-NYSE) reports earnings on Tuesday.  The company is expected to post a sharp drop-off after the company had already withdrawn guidance.  FirstCall has estimates at $0.05 EPS on very wide range with many expecting losses or gains; and the last revenue expectations seen were $2.575 Billion.

Unfortunately we have no real guidance out of the company and the sector itself is in disarray.  Finding a bull for the group right now would be difficult, and if you found him he’d probably answer to the name Dr. Pangloss.  About the only good news right now is that a contrarian can make a fortune IF he is right, and there has been so much negative news in the sector that any news that isn’t ghastly could get a "Less Bad Equals Good" reaction.

Shares of Lennar closed down 2.5% at $38.75 today and shares closed out 2006 at $52.11.  The SPDR Homebuilders ETF (XHB) closed down 1.89% and the iShares Homebuilders (ITB) closed down 1.8%.

Jon C. Ogg
June 25, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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