Home builder Lennar Corp posted a quarterly loss on Tuesday weighed down by charges and write-offs in a deteriorating housing market, and said it will cut more jobs in the fourth quarter.
Lennar posted a third-quarter loss of $513.9 million, or $3.25 a share, compared with a year-ago profit of $206.7 million, or $1.30 per share. Revenue fell 44 percent to $2.34 billion.
The latest quarter's results include a $3.33 a share charge related to valuation adjustments and write-offs of option deposits, the company said in a statement.
Lennar's home sale revenue fell 44 percent to $2.2 billion, as the number of homes deliveries declined. Cancellation rate was 32 percent in the latest quarter.
New orders during the quarter fell 48 percent to 5,804 homes, the company said.
Analysts, on average, had expected the company to post a loss of 55 cents a chare, excluding items, on revenue of $2,296.9 million, in the third quarter, according to Reuters Estimates.
(Reporting by Deepti Chaudhary in Bangalore)