In January, Miller laid out a yearly earnings goal of $3.69 per share in hopes that the job market would stay strong, the economy would continue to be healthy and the new-home market would demonstrate “traditional, seasonal improvement.”
On Tuesday, Miller said, “Given the state of the market, we do not expect to achieve our previously stated 2007 earnings goal, and we are not comfortable providing a new earnings goal at this time.”
New home orders were down 27 percent year-over-year, to 7,132, while housing starts were down 38 percent year over year. Lennar said its cancellation rate was 29 percent.
