Lennar's profit dives amid slump

Lennar Corp., the largest U.S. home builder by revenue, said Tuesday that earnings plummeted 73% during its fiscal first quarter as the worst housing slump in more than a decade scared away potential buyers.

Chief Executive Stuart Miller said the spring selling season, when home builders usually get the bulk of their orders, failed to materialize, just two months after telling investors this year would be as good or better than 2006.

"Given the state of the market, we do not expect to achieve our previously stated 2007 profit goal," Miller said in a statement. "We are not comfortable providing a new earnings goal at this time."

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- Posted: 2007-03-28 10:19:42

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