Shares of U.S. home builder Lennar Corp. (LEN) hit a 5 month low on Tuesday after the firm posted a 74 percent profit loss and gave a gloomy outlook this morning.
The company's shares fell $1.01, or 2.3 percent, to $43.52 in mid-day trading on the New York Stock Exchange.
The nation's 3rd largest home builder posted earnings of $68.6 million, or 43 cents per share, down from $258.1 million, or $1.58 per a year ago.
While earnings were in line with a poll of analysts by Thompson's Financial, Lennar lowered its earnings forecast for the next quarter, citing a slower spring season.
While some markets are performing better than others, the typically stronger spring selling season has not yet materialized, Lennar's CEO, Stuart Miller, said in a statement. These soft market conditions have been exacerbated by the well-publicized problems in the subprime lending market.
The firm predicted full-year earnings of at least $3.69 per share, but said it would most likely not meet those numbers.