Homebuilder Lennar Corp
The third-largest U.S. builder reported earnings of $13.8 million, or 7 cents a share, compared with earnings of $39.7 million, or 21 cents per share, a year ago.
Sales of previously owned U.S. homes hit a six-month low in May and supply rose, the National Association of Realtors said on Tuesday, an indication of ongoing weak demand for even used homes, which are generally more affordable than the new ones built by Lennar and rivals such as PulteGroup Inc
Lennar builds homes in 14 states, including Florida and California, and also has Rialto, a distressed land operation.
Shares of the company closed at $18.1 Wednesday on the New York Stock Exchange. (Reporting by Helen Chernikoff and Nivedita Bhattacharjee; Editing by Saumyadeb Chakrabarty)