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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: yard_man who wrote (5614)	1/20/2004 6:15:44 PM
From: yard_man	Read Replies (1) of 110194

Centex grows Q3 earns, revenue By Shawn Langlois, CBS.MarketWatch.com Last Update: 4:49 PM ET Jan. 20, 2004 SAN FRANCISCO (CBS.MW) - Homebuilder and financial-services company Centex boosted its third-quarter profit 22 percent and its earnings outlook for 2004 on the strength in its homebuilding operations. The Dallas-based company (CTX: news, chart, profile) Tuesday reported a profit of $3.04 a share, up from $2.50 a year earlier. Analysts polled by Thomson First Call expected $2.83 a share on average. Revenue rose 18 percent to $2.65 billion. Profit slipped by 13 percent in the financial services arm with CTX Mortgage and other related companies posting a 30 percent decline to $26.8 million due to a "decrease in retail originations." The investment real estate area also notched a decline, down 26 percent to $14.8 million for the quarter. Centex upped its 2004 earnings-per-share target to $11.40 to $11.60 based on "a record backlog" in the home building segment and "the execution of the organic growth strategy at the other business units." The stock ended the day down $1.42 at $99.98 before moving up to $100.91 in after-market trading. On Monday, Centex Construction Products (CXP: news, chart, profile), which was recently spun-off from Centex, reported a 17 percent rise in third-quarter profit from a year earlier. Centex said last Thursday that for each share of Centex stock owned as of January 14, shareholders would receive a total of about 0.19 shares of Centex Construction.

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