Centex 3Q Earnings Up 28%

Dallas, Texas, January 26–Homebuilder Centex Corp. reported earnings in the third quarter that rose 28% to $253.8 million, or $1.91 a share, up from $198.7 million, or $1.52 a share, a year earlier.

Analysts were expecting earnings of $1.88 a share.

Revenue rose $3.12 billion from $2.57 billion last year, up 21% but short of the $3.18 billion expected by analysts. Home building revenue rose 24% to $2.37 billion, while revenue from its financial arm rose 12% to $267 million.

During the quarter, Centex closed on 8% more homes, or 8,047 units. U.S. orders for new homes rose 12%, while the backlog of homes contracted for and awaiting construction was up 18% at 17,501 at the end of the quarter.

Centex, which develops single-family homes, townhouses and condominiums, said it now expects to earn $7.30 to $7.50 per share in fiscal 2005 ending March 31, 2005, up from its previously raised forecast of $7.25 to $7.50 a share. Analysts expect earnings of $7.31 per share.

The company maintained its earnings outlook of $8.75 to $9.25 a share for fiscal 2006.