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Centex Construction Group Makes Strongest Second-Quarter Showing Among Divisions

DALLAS-Centex Corp.'s second-quarter results have caused an about-face, with the Dallas-based business now predicting its fiscal 2001 earnings will range between $4 and $4.25 per diluted share instead of a previously forecast $4.22.

By Connie Gore | Updated on October 25, 2000

DALLAS-Centex Corp.’s second-quarter results have caused an about-face, with the Dallas-based business now predicting its fiscal 2001 earnings will range between $4 and $4.25 per diluted share instead of a previously forecast $4.22.

The downward adjustment is being attributed to slower home sales in the manufactured division, the impact of higher interest rates, an accounting change for Centex Home Equity Corp. and an earnings decline as a result of lower gypsum wallboard prices. Shareholders’ concern should be offset by news that a contract is pending with Gaylord Entertainment Co. for the general contracting award for 1,500-room Opryland Hotel Texas in Grapevine. Overall, the Centex Construction Group is making second quarter 2001 look rosy, with new contracts totaling $416 million, up 60% from second quarter 2000.

Second-quarter contracting and construction services are up 28% from $5.1 million recorded in fiscal 2000 while revenues have jumped 14%, coming in at $330.4 million. As of Sept. 30, the backlog of unfinished projects totals a record $1.47 billion, up 31% from a year ago. A 22% improvement has been recorded in the six-months’ earning, with a $13.1 million total in comparison to $10.7 million for fiscal 2000 accounting. Meanwhile, revenues are down 2% to $640.7 million.

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