The second-largest U.S. home builder, on Thursday , June 26 reported a smaller quarterly net loss on lower expenses, but the results were worse than expected as deliveries and new orders tumbled.
The net loss narrowed to $120.9 million, or 76 cents per share, in the second quarter ended on May 31 from $244.2 million, or $1.55 per share, a year earlier.
Analysts had forecast a net loss of 59 cents per share, according to Reuters Estimates.
Revenue fell 61 percent to $1.05 billion, in line with analysts' estimates. Selling, general and administrative expenses fell by $238.9 million.
Deliveries of homes fell 60 percent to 3,830, new orders slipped 45 percent to 4,396 and the cancellation rate was 22 percent. The value of Lennar's backlog sank 56 percent to $1.3 billion.
Lennar Chief Executive Stuart Miller, citing rising foreclosures and unemployment along with sagging consumer confidence, said the industry needed government help.