Orleans Homebuilders (OHB) Reports a Q2 Loss of $2.09

February 1, 2008 7:20 AM EST

Orleans Homebuilders (NYSE: OHB) reports a Q2 loss of $2.09 per share, including charges, versus the consensus of a $2.07 loss.

Revenues came in at $154.9 million versus the consensus of $171.9 million.

The company said, "The unfavorable market conditions in the housing industry have continued to negatively impact the Company's closings, new order activity, absorption and pricing. Excess new and resale home inventory remains in numerous markets, which has contributed to the difficulties buyers face in selling their existing homes. Demand has slowed due to decreased consumer confidence in the housing market; increased uncertainty in the overall mortgage and mortgage insurance markets; tightened underwriting standards in the mortgage industry; increased foreclosures; and stress in the financial markets and in general consumer credit. The Company also has observed increased nationwide discounting, particularly by some of the largest companies in our industry. While the two recent actions by the Federal Reserve Bank to decrease the target Federal Funds Rate were positive for the macro market, we believe that these challenges will remain in the homebuilding industry at least in the near term. Further, economic conditions will likely be weak in the near term."

Related Categories

Earnings

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?