Centex posts $85 million profit in 1Q on tax gain; without it the builder lost $322 million

Centex swings to profit in fiscal 1Q on tax gain

Centex Corp. says it posted a profit in its first-quarter, thanks to a $407 million tax gain.

The Dallas-based homebuilder said Monday net income totaled $85 million, or 68 cents a share, for the three months ended June 30. Excluding the one-time tax gain, the builder lost $322.2 million, or $2.63 a share. In the year-ago period, Centex lost $150 million, or $1.21 a share.

Revenue declined by nearly half from a year earlier to $573.9 million.

Analysts polled by Thomson Reuters were expecting a loss of $1.17 a share on revenue of about $563.4 million.

On the Net:

Centex Corp: www.centex.com