8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
October 24, 2006

Centex Corporation

(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction
of incorporation) 1-6776
(Commission File Number) 75-0778259
(IRS Employer
Identification No.)

2728 N. Harwood Street, Dallas, Texas
(Address of principal executive offices) 75201
(Zip code)

Registrant’s telephone number including area code: (214) 981-5000

Not Applicable
(Former name or former address if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition
	Item 7.01. Regulation FD Disclosure
	Item 8.01. Other Events
	Item 9.01. Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Press Release
Investor Materials

Item 2.02. Results of Operations and Financial Condition.

On October 24, 2006, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended September 30, 2006. A copy of the Corporation’s press release (the “Press Release”) announcing these results is being furnished as Exhibit 99.1 hereto and is hereby incorporated in this Item 2.02 in its entirety by reference.

The Press Release refers to certain non-GAAP financial measures. The Corporation believes that these non-GAAP performance measures, used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. Non-GAAP performance measures should be viewed in addition to, and not as an alternative to, the Corporation’s reported results under accounting principles generally accepted in the United States. The definitions of the non-GAAP terms used and reconciliations to the comparable GAAP measure are included in the applicable attachment to the Press Release.

As previously announced, senior management of the Corporation will hold a conference call on October 25, 2006 at 10 a.m. Eastern time (9 a.m., Central time) to discuss the results of operations of the Corporation for such period and other matters. A copy of the materials to be provided to investors in the form of a web cast in connection with this conference call is being furnished as Exhibit 99.2 hereto. The information contained in such exhibit is incorporated by reference in this Item 2.02, but shall not be deemed filed for any purpose under the Securities Exchange Act of 1934.

Item 7.01. Regulation FD Disclosure.

On October 24, 2006, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended September 30, 2006. A copy of the Corporation’s press release (the “Press Release”) announcing these results, other information and earnings per share guidance for the fiscal year ending March 31, 2007 is being furnished as Exhibit 99.1 hereto. The information in the Press Release under the captions “Additional Developments” and “Outlook” is furnished pursuant to this Item 7.01.

As previously announced, senior management of the Corporation will hold a conference call on October 25, 2006 at 10 a.m. Eastern time (9 a.m., Central time) to discuss the results of operations of the Corporation for such period and other matters. A copy of the materials to be provided to investors in the form of a web cast in connection with this conference call is being furnished as Exhibit 99.2 hereto. Pages 7-9 of the information contained in such exhibit are incorporated by reference in this Item 7.01, but shall not be deemed filed for any purpose under the Securities Exchange Act of 1934. A transcript of the conference call will be available on the Corporation’s web site on or before October 31, 2006.

Item 8.01. Other Events.

On October 24, 2006, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended September 30, 2006. A copy of the Corporation’s press release (the “Press Release”) announcing these results is being furnished as Exhibit 99.1 hereto. The attachments to the Press Release identified as Attachments 1 through 8 are hereby filed pursuant to, and incorporated by reference in, this Item 8.01. No other information from the Press Release is filed pursuant to, or incorporated in, this Item 8.01.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

Exhibit Number	Description
99.1	Press Release dated October 24, 2006
99.2	Investor materials furnished in connection with the conference call to be held on October 25, 2006.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

By:	/s/ James R. Peacock III
	Name:	James R. Peacock III
	Title:	Vice President, Deputy General Counsel and Secretary

Date: October 24, 2006

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated October 24, 2006
99.2	Investor materials furnished in connection with the conference call to be held on October 25, 2006.

EX-99.1

Exhibit 99.1

	www.centex.com P.O. Box 199000 Dallas, Texas 75219-9000 2728 North Harwood Dallas, Texas 75201-1516 Phone: (214) 981-5000
N e w s R e l e a s e

FOR IMMEDIATE RELEASE

For additional information, contact at (214) 981-5000:
Matthew G. Moyer, Vice President—Investor Relations
http://www.centex.com

CENTEX REPORTS SECOND QUARTER RESULTS

Second quarter earnings per diluted share from continuing operations of $0.70

DALLAS — October 24, 2006: Centex Corporation (NYSE: CTX), one of the largest homebuilders in the United States, today reported financial results for its fiscal second quarter ended September 30, 2006.

Highlights of the quarter ended September 30, 2006 (compared to last year’s second quarter):

• Total revenues decreased 3% to $3.32 billion

• Home closings decreased 7% to 8,525

• Housing gross margin decreased 480 bp to 24.4%

• Earnings from continuing operations were $0.70 per diluted share

• Unit backlog declined 26% on a decrease in sales (orders) of 29%

     Tim Eller, Centex Corporation Chairman and CEO, said, “We have been aggressively responding to deteriorating market conditions by reducing our controlled lots and aligning our workforce to the new market realities. Additionally, we are achieving labor and material cost reductions that should begin to benefit operating margins next fiscal year. These cost reduction measures, along with the expectation for strong cash generation, will continue to position us for market share gains through the cycle.”

HOME BUILDING

     Fiscal 2007’s second quarter revenues were $2.66 billion, 8% lower than the same quarter last year. Reported home building operating earnings were $124 million for the quarter, after the write off of $90 million of option deposits and land pre-acquisition costs and $41 million of land valuation adjustments. Housing operating earnings (housing revenues less housing cost of sales and SG&A) were $234 million, driven lower by a 7% decrease in closings to 8,525 homes and increased sales incentives.

     The margin from housing operations was 9.0% in this year’s second quarter. The home building operating margin, as reported, was 4.7% in this year’s second quarter, primarily a result of a 490 basis point impact from land related expenses.

Centex Corporation, Page 2 of 3

     For the current six months, revenues were $5.31 billion, essentially equal to the same period in fiscal 2006. Reported home building operating earnings were $406 million for the six-month period this year, 49% below the year-ago period.

OTHER BUSINESSES

Financial Services

     Operating earnings from Financial Services totaled $26 million for the second quarter of fiscal 2007, 23% higher than the same quarter a year ago. CTX Mortgage originated loans for 80% of Centex Homes’ buyers during the second quarter, up 5 percentage points versus last year’s second quarter. Centex’s Financial Services operations provide Centex home buyers with a streamlined home-closing and settlement process, key to ensuring customer satisfaction and quality.

Construction Services

     Operating earnings from Construction Services were $10 million for the second quarter this year, resulting in an operating margin of 1.8%, up 81 basis points from last year’s second quarter. New contracts for the quarter were approximately $606 million, increasing the backlog of uncompleted construction contracts at September 30, 2006 to $2.96 billion, 6% more than a year ago.

ADDITIONAL DEVELOPMENTS

     In the second fiscal quarter, Centex repurchased 1,600,000 shares at an average price of $50.36 per share. There are 9,400,000 shares remaining in the current repurchase authorization.

OUTLOOK

     Taking into consideration its current backlog and the uncertainty of the current housing market conditions, Centex’s full year 2007 earnings guidance is now $4.00 per fully diluted share from continuing operations. Centex’s guidance for its third fiscal quarter ending December 31, 2006 is $0.90 per fully diluted share from continuing operations.

     The company believes that the long-term fundamentals remain solid and that Centex will have the opportunity to extend its leadership position in this environment.

NON-GAAP FINANCIAL MEASURES

     This press release and the accompanying attachments include financial measures that have not been calculated in accordance with generally accepted accounting principles in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures. Detailed explanations of each of the adjustments to the comparable GAAP financial measures, and reconciliations of the non-GAAP financial measures to the comparable GAAP financial measures, are given in the applicable attachments.

     Centex’s senior management will conduct a conference call to discuss the second quarter fiscal year 2007 financial results at 10 a.m. Eastern Time (9 a.m. Central Time) on Wednesday, October 25. The conference call, accompanied by a slide presentation, will be webcast simultaneously on the Centex Web site at http://www.centex.com. A replay of the call, as well as the presentation, will be archived on that site.

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Centex Corporation, Page 3 of 3

# # #

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Centex is discussing its beliefs, estimates or expectations. Such statements include projections, forecasts, and plans and objectives of management for future operations and operating and financial performance, as well as any related assumptions. These statements are not historical facts or guarantees of future performance but instead represent only Centex’s belief at the time the statements were made regarding future events, which are subject to significant risks, uncertainties and other factors, many of which are outside of Centex’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. These risks and uncertainties are described in greater detail in Centex’s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2006 (including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), as well as recent Quarterly Reports on Form 10-Q and Current Reports on form 8-K, which are on file with the SEC and may be obtained free of charge through the Web site maintained by the SEC at http://www.sec.gov. The factors discussed in these reports include, but are not limited to, changes in national or regional economic or business conditions, including employment levels and interest rates, competition, customer cancellations, shortages or price changes in raw materials or labor, and other factors that could affect demand for our homes, mortgage loans or construction services or the profitability of our operations. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. Centex makes no commitment, and disclaims any duty, to update or revise any forward-looking statement to reflect future events or changes in Centex’s expectations.

NOTE ATTACHMENTS:
(1) Revenues and Earnings by Lines of Business
(2) Condensed Consolidated Balance Sheets
(3) Condensed Consolidated Cash Flows
(4) Supplemental Home Building Data
(5) Housing Activity by Geographic Area
(6) Housing Activity Dollar Values by Geographic Area
(7) Supplemental Financial Services Data
(8) Supplemental Financial Data
(9) Non-GAAP Financial Measures

-MORE-

Attachment 1

Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(Dollars in thousands, except per share data)

	Quarter Ended									Six Months Ended
	September 30,									September 30,
	(unaudited)									(unaudited)
	2006			2005 (B)			Change			2006			2005 (B)			Change
Revenues
Home Building	$	2,658,047		$	2,888,409			(8	%)	$	5,307,884		$	5,287,586			—	%
Financial Services (A)		120,578			120,882			—	%		243,319			230,870			5	%
Construction Services		546,176			391,922			39	%		1,047,636			757,977			38	%
Other (Including Intersegment Eliminations)		(2,010	)		23,167			(109	%)		(2,625	)		47,857			(105	%)
Total	$	3,322,791		$	3,424,380			(3	%)	$	6,596,214		$	6,324,290			4	%
Operating Earnings
Home Building	$	124,469		$	458,636			(73	%)	$	405,845		$	799,540			(49	%)
Financial Services (A)		26,164			21,266			23	%		49,251			42,543			16	%
Construction Services		10,037			4,030			149	%		16,848			6,726			150	%
Other (Including Intersegment Eliminations)		1,144			(2,887	)		140	%		(2,276	)		(5,648	)		60	%
Total Operating Earnings		161,814			481,045			(66	%)		469,668			843,161			(44	%)
Corporate General Expenses		(20,742	)		(23,558	)					(44,975	)		(44,160	)
Interest Expense		—			(3,072	)					—			(5,696	)
Earnings from Continuing Operations Before Income Taxes		141,072			454,415			(69	%)		424,693			793,305			(46	%)
Income Taxes		(54,594	)		(133,216	)					(162,648	)		(261,267	)
Earnings from Continuing Operations		86,478			321,199			(73	%)		262,045			532,038			(51	%)
Earnings from Discontinued Operations, net (A)		50,922			13,331						35,612			36,162
Net Earnings	$	137,400		$	334,530			(59	%)	$	297,657		$	568,200			(48	%)
Earnings Per Share — Basic
Earnings per Share — Continuing Operations	$	0.72		$	2.50			(71	%)	$	2.17		$	4.14			(48	%)
Earnings per Share — Discontinued Operations		0.43			0.10						0.29			0.28
Earnings Per Share — Basic	$	1.15		$	2.60			(56	%)	$	2.46		$	4.42			(44	%)
Earnings Per Share — Diluted
Earnings per Share — Continuing Operations	$	0.70		$	2.39			(71	%)	$	2.09		$	3.95			(47	%)
Earnings per Share — Discontinued Operations		0.41			0.10						0.29			0.27
Earnings Per Share — Diluted	$	1.11		$	2.49			(55	%)	$	2.38		$	4.22			(44	%)
Average Shares Outstanding:
Basic		119,634,303			128,565,026			(7	%)		120,795,315			128,618,235			(6	%)
Diluted		123,504,535			134,526,936			(8	%)		124,862,624			134,725,654			(7	%)

(A)	Financial Services excludes the Centex Home Equity operations which were sold in July, 2006 and are reflected in discontinued operations.
(B)	Certain prior year items have been reclassified to conform to current period classifications.

Attachment 2

Centex Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions)
(unaudited)

	Centex Corporation and Subsidiaries				Centex Corporation (A)				Financial Services
	September 30,		March 31,		September 30,		March 31,		September 30,		March 31,
	2006		2006		2006		2006		2006		2006
Assets
Cash -
Unrestricted	$	49	$	47	$	43	$	37	$	6	$	10
Restricted		120		135		65		71		55		64
Receivables -
Residential Mortgage Loans Held for Sale		1,887		2,130		—		—		1,887		2,130
Other Receivables		685		704		644		660		41		44
Inventories -
Homebuilding		9,928		8,828		9,928		8,828		—		—
Land Held Under Option Agreements not Owned		547		818		547		818		—		—
Other		11		12		6		6		5		6
Investments		316		310		415		965		—		—
Property and Equipment, net		166		183		148		161		18		22
Goodwill		219		219		210		207		9		12
Deferred Charges and Other Assets		479		469		446		430		33		39
Assets of Discontinued Operations		—		7,510		—		—		—		7,510
	$	14,407	$	21,365	$	12,452	$	12,183	$	2,054	$	9,837
Liabilities and Stockholders’ Equity
Accounts Payable and Accrued Liabilities	$	2,578	$	2,760	$	2,424	$	2,658	$	126	$	93
Debt
Non-Financial Services		4,455		3,982		4,455		3,982		—		—
Financial Services		1,800		2,077		—		—		1,800		2,077
Liabilities of Discontinued Operations		—		7,002		—		—		—		7,002
Minority Interests		477		532		476		531		1		1
Stockholders’ Equity		5,097		5,012		5,097		5,012		127		664
	$	14,407	$	21,365	$	12,452	$	12,183	$	2,054	$	9,837

(A) In the supplemental data presented above, “Centex Corporation” represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries balance sheets. We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and Centex Corporation has limited obligations with respect to the indebtedness of its Financial Services subsidiaries. Management uses this information in its financial and strategic planning.

Attachment 3

Centex Corporation and Subsidiaries
Condensed Consolidated Cash Flows
(Dollars in millions)
(unaudited)

	Centex Corporation and Subsidiaries (A)						Centex Corporation (B)						Financial Services (A)
	For the Six Months Ended September 30,						For the Six Months Ended September 30,						For the Six Months Ended September 30,
	2006			2005			2006			2005			2006			2005
Cash Flows — Operating Activities
Net Earnings	$	298		$	568		$	298		$	568		$	67		$	56
Adjustments -
Depreciation and Amortization		30			34			25			25			5			9
Other Noncash Adjustments		193			(85	)		740			(27	)		(19	)		(89	)
Decrease (Increase) in Loans Held for Sale		243			(239	)		—			—			243			(239	)
(Increase) Decrease in Inventories		(1,215	)		(1,555	)		(1,215	)		(1,557	)		—			2
Other Operating Activities		(245	)		15			(239	)		113			(41	)		43
		(696	)		(1,262	)		(391	)		(878	)		255			(218	)
Cash Flows — Investing Activities
Increase in Loans Held for Investment		(292	)		(671	)		—			—			(292	)		(671	)
Other Investing Activities		466			208			4			76			498			(9	)
		174			(463	)		4			76			206			(680	)
Cash Flows — Financing Activities
Increase (Decrease) in Short-Term Debt, net		165			1,587			250			(4	)		(85	)		1,591
Issuance of Long-Term Debt, net		598			4			383			671			215			(667	)
Other Financing Activities		(240	)		(113	)		(240	)		(113	)		(596	)		(25	)
		523			1,478			393			554			(466	)		899
Effect of Exchange Rate on Cash		—			(2	)		—			(2	)		—			—
Net Increase (Decrease) in Cash and Cash Equivalents		1			(249	)		6			(250	)		(5	)		1
Cash and Cash Equivalents at Beginning of Period		48			503			37			491			11			12
Cash and Cash Equivalents at End of Period	$	49		$	254		$	43		$	241		$	6		$	13

(A)

Beginning and ending cash balances include cash from the discontinued operations of Financial Services’ Home Equity operations — approximately $1 million as of March 31, 2006 and 2005 and as of September 30, 2005.

(B)

In the supplemental data presented above, “Centex Corporation” represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries cash flows. We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and Centex Corporation has limited obligations with respect to the indebtedness of its Financial Services subsidiaries. Management uses this information in its financial and strategic planning.

Attachment 4

Centex Corporation and Subsidiaries
Supplemental Home Building Data
(Dollars in thousands, except per unit data)
(unaudited)

	Quarter Ended September 30,										Six Months Ended September 30,
	2006					2005					2006					2005
HOME BUILDING
Revenues — Housing	$	2,601,839		100.0	%	$	2,715,899		100.0	%	$	5,163,897		100.0	%	$	5,074,027		100.0	%
Cost of Sales — Housing		(1,967,634	)	(75.6	%)		(1,922,562	)	(70.8	%)		(3,834,145	)	(74.2	%)		(3,596,166	)	(70.9	%)
Gross Margin — Housing		634,205		24.4	%		793,337		29.2	%		1,329,752		25.8	%		1,477,861		29.1	%
Revenues — Land Sales & Other		56,208					172,510					143,987					213,559
Cost of Sales — Land Sales & Other		(165,070	)				(113,439	)				(269,847	)				(150,555	)
Gross Margin — Land Sales & Other		(108,862	)				59,071					(125,860	)				63,004
Total Gross Margin		525,343		19.8	%		852,408		29.5	%		1,203,892		22.7	%		1,540,865		29.1	%
Selling, General & Administrative		(399,895	)	(15.0	%)		(399,730	)	(13.8	%)		(807,736	)	(15.2	%)		(759,697	)	(14.4	%)
Other Income		(979	)	(0.1	%)		5,958		0.2	%		9,689		0.1	%		18,372		0.4	%
Operating Earnings	$	124,469		4.7	%	$	458,636		15.9	%	$	405,845		7.6	%	$	799,540		15.1	%
Units Closed		8,525					9,157					16,843					17,392
Average Unit Sales Price	$	305,201				$	296,593				$	306,590				$	291,745
% Change		2.9	%				13.1	%				5.1	%				13.1	%
Operating Earnings per Unit	$	14,600				$	50,086				$	24,096				$	45,972
% Change		(70.9	%)				38.5	%				(47.6	%)				38.0	%
Average Neighborhoods		692					615					680					611
% Change		12.5	%				6.8	%				11.3	%				6.6	%

LOT POSITION

	As of September 30,
	2006		2005		Change
Lot Owned and Controlled:
Lots Owned		109,854		106,041		4	%
Lots Controlled		135,749		179,590		(24	%)
Total		245,603		285,631		(14	%)

Attachment 5

Centex Corporation and Subsidiaries
Supplemental Home Building Data
Housing Activity (Units) by Geographic Area
(Unaudited)

	Closings
	Quarter Ended September 30,							Six Months Ended September 30,
	2006		2005		Change			2006		2005		Change
Mid-Atlantic		1,725		1,749		(1	%)		3,378		3,294		3	%
Southeast		1,445		1,633		(12	%)		2,743		3,086		(11	%)
Midwest		1,405		1,762		(20	%)		2,956		3,327		(11	%)
Southwest		2,353		2,418		(3	%)		4,667		4,606		1	%
West Coast		1,597		1,595		—	%		3,099		3,079		1	%
		8,525		9,157		(7	%)		16,843		17,392		(3	%)

	Sales (Orders) Backlog
	As of September 30,
	2006		2005		Change
Mid-Atlantic		2,461		3,835		(36	%)
Southeast		3,199		5,445		(41	%)
Midwest		2,404		3,372		(29	%)
Southwest		4,375		4,862		(10	%)
West Coast		3,183		3,657		(13	%)
		15,622		21,171		(26	%)

	Sales (Orders)
	Quarter Ended September 30,							Six Months Ended September 30,
	2006		2005		Change			2006		2005		Change
Mid-Atlantic		1,217		1,697		(28	%)		2,766		3,707		(25	%)
Southeast		787		1,690		(53	%)		1,826		3,525		(48	%)
Midwest		1,125		1,752		(36	%)		2,605		3,387		(23	%)
Southwest		2,385		2,767		(14	%)		4,948		5,780		(14	%)
West Coast		1,314		1,649		(20	%)		2,933		3,575		(18	%)
		6,828		9,555		(29	%)		15,078		19,974		(25	%)

Attachment 6

Centex Corporation and Subsidiaries
Supplemental Home Building Data
Housing Activity (Values) by Geographic Area
(Unaudited)

	Housing Revenues - Closings
	(Dollars in thousands)
	Quarter Ended September 30,							Six Months Ended September 30,
	2006		2005		Change			2006		2005		Change
Mid-Atlantic	$	571,021	$	582,091		(2	%)	$	1,114,994	$	1,079,369		3	%
Southeast		409,483		464,207		(12	%)		807,421		859,402		(6	%)
Midwest		316,768		385,758		(18	%)		671,527		720,366		(7	%)
Southwest		485,666		447,574		9	%		973,056		826,810		18	%
West Coast		818,901		836,269		(2	%)		1,596,899		1,588,080		1	%
	$	2,601,839	$	2,715,899		(4	%)	$	5,163,897	$	5,074,027		2	%

	Sales (Orders) Backlog Value
	(Dollars in thousands)
	As of September 30,
	2006		2005		Change
Mid-Atlantic	$	791,961	$	1,370,548		(42	%)
Southeast		1,021,859		1,635,146		(38	%)
Midwest		581,460		757,856		(23	%)
Southwest		1,048,114		1,163,118		(10	%)
West Coast		1,620,578		2,034,364		(20	%)
	$	5,063,972	$	6,961,032		(27	%)

Attachment 7

Centex Corporation and Subsidiaries
Supplemental Financial Services Data
(Unaudited)

CTX Mortgage Company

	Quarter Ended September 30,							Six Months Ended September 30,
	2006		2005		Change			2006		2005		Change
Originations
Builder		6,429		6,245		3	%		12,494		11,864		5	%
Retail		7,739		12,904		(40	%)		16,656		25,215		(34	%)
Total		14,168		19,149		(26	%)		29,150		37,079		(21	%)
Loan Volume (in billions)	$	3.36	$	4.28		(22	%)	$	6.85	$	8.10		(15	%)
Average Loan Size	$	237,000	$	223,400		6	%	$	234,900	$	218,400		8	%
Operating Profit per Loan	$	1,847	$	1,080		71	%	$	1,690	$	1,132		49	%

Attachment 8

Centex Corporation and Subsidiaries
Supplemental Financial Data — Debt-to-Capitalization Ratio
(Dollars in millions)
(Unaudited)

	As of September 30, 2006			As of March 31, 2006			As of September 30, 2005
Debt/Capitalization *
Debt	$	4,455		$	3,982		$	3,739
Minority Interests		476			531			669
Less Minority Interests on Lot Options		(443	)		(492	)		(629	)
Stockholders’ Equity		5,097			5,012			4,732
Capitalization		9,585			9,033			8,511
Less Unrestricted Cash		(43	)		(37	)		(241	)
Net Capitalization	$	9,542		$	8,996		$	8,270
Debt-to-Capitalization Ratio		46.5	%		44.1	%		43.9	%
Net Debt-to-Capitalization Ratio		46.2	%		43.9	%		42.3	%
Consolidated Debt/Capitalization **
Debt	$	6,255		$	6,059		$	5,686
Minority Interests		477			532			671
Less Minority Interests on Lot Options		(443	)		(492	)		(629	)
Stockholders’ Equity		5,097			5,012			4,732
Capitalization		11,386			11,111			10,460
Less Unrestricted Cash		(49	)		(47	)		(254	)
Net Capitalization	$	11,337		$	11,064		$	10,206
Consolidated Debt-to-Capitalization Ratio		54.9	%		54.5	%		54.4	%
Consolidated Net Debt-to-Capitalization Ratio		54.7	%		54.3	%		53.2	%

*	Capitalization includes debt, minority interest (excluding lot options), and stockholders’ equity. Capitalization presented above reflects Financial Services on an equity basis and does not include debt or minority interests attributable to Financial Services.
**	Consolidated capitalization includes debt, minority interest (excluding lot options), and stockholders’ equity, including Financial Services.

Net debt-to-capitalization ratios are provided reflecting net capitalization, including net debt (debt less unrestricted cash), minority interest (excluding lot options), and stockholders’ equity. See Attachments 2 and 3 of the Earnings Release for more information.

Attachment 9

Centex Corporation and Subsidiaries

Non-GAAP Financial Measures

(Dollars in thousands, except per unit data)

(unaudited)

The press release and the accompanying attachments include the following financial measures that have not been calculated in accordance with generally accepted accounting principles in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures: housing operating earnings, housing operating earnings margin, and certain debt/capitalization measures. A detailed explanation of each of the adjustments to the comparable GAAP financial measures is given in the applicable attachments. In accordance with the requirements of Regulation G, reconciliations of the non-GAAP financial measures to the comparable GAAP financial measures for housing operating earnings and housing operating earnings margin are included in Attachment 9.

Centex management believes that investors’ understanding of the company’s performance is enhanced by including certain of these non-GAAP financial measures to provide a means of comparing results from the company’s housing operations, and to separate these operations from activities related to land holdings, options and related valuation adjustments. Many investors are interested in understanding the performance of our business by comparing our results from the principal elements of ongoing operations from one period to the next. By providing the non-GAAP financial measures, together with the reconciliations, we believe we are enhancing investors’ understanding of our business and our results of operations. Also, many financial analysts who follow our company focus on and publish both historical results and future projections based on non-GAAP financial measures.

These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and they may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and charges being excluded. The company compensates for these limitations by using these non-GAAP financial measures as supplements to the GAAP measures. The non-GAAP financial measures should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP.

Attachment 9 (Continued)

Centex Corporation and Subsidiaries
Reconciliation of Housing/Home Building Operating Earnings
(Dollars in thousands, except per unit data)
(unaudited)

	Quarter Ended September 30,										Six Months Ended September 30,
	2006					2005					2006					2005
HOME BUILDING
Revenues — Housing	$	2,601,839		100.0	%	$	2,715,899		100.0	%	$	5,163,897		100.0	%	$	5,074,027		100.0	%
Cost of Sales — Housing		(1,967,634	)	(75.6	%)		(1,922,562	)	(70.8	%)		(3,834,145	)	(74.2	%)		(3,596,166	)	(70.9	%)
Gross Margin — Housing		634,205		24.4	%		793,337		29.2	%		1,329,752		25.8	%		1,477,861		29.1	%
Selling, General & Administrative		(399,895	)	(15.4	%)		(399,730	)	(14.7	%)		(807,736	)	(15.7	%)		(759,697	)	(14.9	%)
Housing Operating Earnings (A)		234,310		9.0	%		393,607		14.5	%		522,016		10.1	%		718,164		14.2	%
Revenues — Land Sales & Other		56,208					172,510					143,987					213,559
Cost of Sales — Land Sales & Other		(165,070	)				(113,439	)				(269,847	)				(150,555	)
Gross Margin — Land Sales & Other		(108,862	)				59,071					(125,860	)				63,004
Other Income		(979	)				5,958					9,689					18,372
Operating Earnings	$	124,469		4.7	%	$	458,636		15.9	%	$	405,845		7.6	%	$	799,540		15.1	%

	Fiscal Years Ending March 31,
	2005					2006					2007P
HOME BUILDING
Revenues — Housing	$	9,007,148		100.0	%	$	11,920,634		100.0	%	$	10,475,000		100.0	%
Cost of Sales — Housing		(6,486,709	)	(72.0	%)		(8,458,995	)	(71.0	%)		(7,975,000	)	(76.1	%)
Gross Margin — Housing		2,520,439		28.0	%		3,461,639		29.0	%		2,500,000		23.9	%
Selling, General & Administrative		(1,301,606	)	(14.5	%)		(1,696,456	)	(14.2	%)		(1,600,000	)	(15.3	%)
Housing Operating Earnings (A)		1,218,833		13.5	%		1,765,183		14.8	%		900,000		8.6	%
Revenues — Land Sales & Other		352,593					351,569					325,000
Cost of Sales — Land Sales & Other		(261,394	)				(296,938	)				(485,000	)
Gross Margin — Land Sales & Other		91,199					54,631					(160,000	)
Other Income		68,786					85,998					40,000
Operating Earnings	$	1,378,818		14.7	%	$	1,905,812		15.5	%	$	780,000		7.2	%

(A) Housing Operating Earnings is defined as housing revenues less housing cost of sales less selling, general & administrative expenses. Housing Operating Earnings Margin is defined as housing operating earnings divided by total housing revenues. The company uses Housing Operating Earnings and Housing Operating Earnings Margin to (a) evaluate historical and prospective financial performance and its performance relative to its competitors, and (b) measure the operational performance of the company’s core home building operations.

EX-99.2

Exhibit 99.2

Second Quarter Fiscal Year 2007 Results and Conference Call

Forward-looking Statements This presentation contains forward-looking statements which may be identified by the context of the statement, and generally arise when Centex is discussing its beliefs, estimates or expectations. Such statements include projections, forecasts, and plans and objectives of management for future operations and operating and financial performance, as well as any related assumptions. These statements are not historical facts or guarantees of future performance but instead represent only Centex's belief at the time the statements were made regarding future events, which are subject to significant risks, uncertainties and other factors, many of which are outside of Centex's control. Actual results and outcomes may differ materially from what is expressed or forecast in such statements. These risks and uncertainties are described in greater detail in Centex's most recent Annual Report on Form 10^K for the fiscal year ended March 31, 2006 (including under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), as well as recent reports on Form 10-Q and Form 8-K, which are on file with the SEC and may be obtained free of charge through the web site maintained by the SEC at http://www.sec.gov. The factors discussed in these reports include, but are not limited to, changes in national or regional economic or business conditions, including employment levels and interest rates, competition, customer cancellations, shortages or price changes in raw materials or labor, and other factors that could affect demand for our homes, mortgage loans or construction services or the profitability of our operations. All forward-looking statements made in this presentation are made as of the date hereof, and the risk that actual results will differ materially from the expectations expressed in this presentation will increase with the passage of time. Centex makes no commitment, and disclaims any duty, to update or revise any forward-looking statement to reflect future events or changes in Centex's expectations.

A Rapid Response Second Quarter Fiscal Year 2007 Closed over 8,500 homes, 7% less than last year Unit sales down by 29% from last year Responding to market conditions locally Balancing sales pace and profit margins Emphasis on inventory reduction and cash generation Actively managing our land position-walked away from $90 million in option deposits and pre-acquisition costs Owned lots down sequentially and optioned lots at Sept 2004 levels Corporate G&A down 12% year-over-year

Home Building Highlights Second Quarter Fiscal 2007 Revenues decreased 8%, year over year Closings fell 7% to 8,525 Average sales price grew 3% to $305,201 Sales incentives and discounts reduced margin Housing operating earnings of $234 million Housing operating margin of 9.0% Backlog 6,828 sales (orders), down 29% 15,622 units, down 26% from last year $5.1 billion, down 27%

Mid-Atlantic 1,217 -28% 1,725 -1% Southeast 787 -53% 1,445 -12% Midwest 1,125 -36% 1,405 -20% Southwest 2,385 -14% 2,353 -3% West Coast 1,314 -20% 1,597 -% Total 6,828 -29% 8,525 -7% Home Building Second Quarter Sales and Closings Sales % Chg Closings % Chg For the Quarter Ended September 30, 2006

Balance Sheet Focus Cash from operations expected to exceed $500 million, mainly occurring in latter part of the fiscal year Repurchased 1.6 million shares at $50.36 average price Reduced debt-to-capital 240bp from June 30, 2006 Actively reviewing land portfolio Reduced optioned lots by nearly 35,000 since June 30, 2006 Fiscal year to date, walked away from over $125 million in option deposits Expect to walk away from approximately another $50 million this fiscal year

Outlook: Balanced Adjustments Over Prior Year Over Prior Year Over Prior Year FY05 FY06 FY07P Avg. Neighborhoods +6% +6% +10% Closings/Avg. Neighborhood +4% +11% -20% Avg. Sales Price +11% +13% +0% Housing Operating Margin +100 bp +130 bp -600 bp FY03 05 06 07P Closings 26427 33387 39232 34000 0 FY03 05 06 07P Closings 631 1219 1765 900 0 0 % CHG % CHG Housing Operating Earnings ($ Millions) 33,387 39,232 Closings $1,219 $1,765 34,000 $900 FY FY +10% +18% - -13% +32% +45% - -49% A reconciliation of Housing operating earnings and Margin is provided in Attachment 9 to the Press Release.

Current Guidance - Earnings per Diluted Share from Continuing Operations Third Quarter Fiscal 2007 $0.90 Includes $30 mil of option deposit walk-away charges Fourth Quarter Fiscal 2007 $1.00 Includes $20 mil of option deposit walk-away charges Full Year Fiscal 2007 $4.00 Closely monitoring local market dynamics

Balanced Strategy Immediate Term Market issues today are excess supply and affordability Emphasizing cash generation Prospectively Long-term demand drivers support industry strength Use balance sheet flexibility to accelerate performance Diverse operational base provides significant advantages Continuous focus on quality and customer satisfaction Poised for leadership in consolidation

Questions and Answers