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):
April 30, 2007

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

Press Release

Investor Materials

Item 2.02. Results of Operations and Financial Condition

On April 30, 2007, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter and fiscal year ended March 31, 2007. 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. Housing operating earnings is a non-GAAP financial measure and is defined by the Corporation as housing revenues less housing cost of sales less selling, general and administrative expenses. Housing operating margin is a non-GAAP financial measure and is defined by the Corporation as housing operating earnings divided by total housing revenues. Reconciliations of these non-GAAP financial measures are included in the attachments to the Press Release. For additional information concerning the Corporation’s use of these non-GAAP financial measures, see the Corporation’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 23, 2007, which is also available on the Corporation’s web site at www.centex.com in the Investors area (SEC Filings subsection).

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 Corporation 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 Corporation’s consolidated financial statements prepared in accordance with GAAP.

Item 7.01. Regulation FD Disclosure

As previously announced, senior management of Centex Corporation, a Nevada corporation (the “Corporation”), will hold a conference call on May 1, 2007 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 and is hereby incorporated in this Item 7.01 by reference, 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 May 31, 2007.

Item 8.01. Other Events

On April 30, 2007, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter and fiscal year ended March 31, 2007. 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

(d) Exhibits

Exhibit
Number	Description
99.1	Press Release dated April 30, 2007
99.2	Investor materials furnished in connection with the conference call to be held on May 1, 2007

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: April 30, 2007

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated April 30, 2007
99.2	Investor materials furnished in connection with the conference call to be held on April 30, 2007

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
Eric Bruner, Director—Public Relations
http://www.centex.com

CENTEX REPORTS FOURTH QUARTER
AND FISCAL YEAR RESULTS

DALLAS — April 30, 2007: Centex Corporation (NYSE: CTX), today reported financial results for its fiscal fourth quarter and fiscal year ended March 31, 2007.

Highlights of the quarter ended March 31, 2007 (compared to last year’s fourth quarter):

• Total revenues decreased 11% to $3.67 billion

• Home closings decreased 14% to 10,582

• Loss from continuing operations was $0.18 per diluted share

• Reduced inventory of unsold homes by 23% in the quarter

• Unit backlog declined 39% on a decrease in sales (orders) of 21%

Highlights of fiscal year 2007 (compared to fiscal year 2006):

• Total revenues decreased 7% to $12.0 billion

• Earnings per diluted share of $2.16

• Home closings decreased 9% to 35,785

• Generated $1 billion of operating cash flow

• Successfully sold sub-prime mortgage and commercial contracting businesses

     “In reacting to one of the most difficult markets in 25 years, we accomplished important goals that lay the groundwork for the future,” said Tim Eller, chairman and CEO of Centex Corp. “We reduced costs, continued to align our land position with current demand and generated $1 billion in cash. Additionally, we profitably sold our sub-prime mortgage and commercial contracting businesses. Although we still see uncertainty in many of our markets, we are in position to increase our market share and generate additional cash.”

CORPORATE RESULTS

     Net earnings for fiscal 2007 totaled $268 million, or $2.16 per diluted share, down from $1.29 billion, or $9.71 per diluted share, in the prior year. The loss from continuing operations for fiscal 2007 was $12 million, or a loss of $0.09 per diluted share, down from earnings of $1.21 billion, or $9.09 per diluted share in the previous year.

Centex Corporation, Page 2 of 3

     Net earnings for the fourth quarter of fiscal 2007 totaled $199 million, or $1.60 per diluted share, down from $392 million, or $3.04 per diluted share, in the prior year’s fourth quarter. The loss from continuing operations for fiscal 2007’s fourth quarter was $22 million, or a loss of $0.18 per diluted share, down from earnings of $369 million, or $2.86 per diluted share in the previous year’s fourth quarter. Included in the fourth quarter of fiscal 2007’s loss from continuing operations is $202 million, or $1.01 per diluted share, of land option write-offs and land valuation adjustments.

HOME BUILDING

     Fiscal 2007’s fourth quarter revenues were $3.52 billion, 12% lower than the same quarter last year as a result of a 14% year over year decrease in closings to 10,582 homes. Home building reported an operating loss of $17 million for the quarter, after the write off of $96 million of land option deposits and pre-acquisition costs and $106 million of land valuation adjustments, including $18 million from joint ventures. Housing operating earnings (housing revenues less housing cost of sales and SG&A) were $186 million, down 69%, as a result of higher discounts and sales incentives. The margin from housing operations was 5.6% in this year’s fourth quarter, aided by a 31% decrease in general and administrative expenses. The total home building operating margin for the quarter, including all land related expenses, was a negative 0.5%, due to higher discounts and incentives, the land option write-offs and land valuation adjustments.

     For fiscal year 2007, revenues were $11.41 billion, 7% lower than last year. Reported home building operating earnings were $97 million, 95% below last year. For the year, unit closings decreased 9% to 35,785 homes.

FINANCIAL SERVICES

     Operating earnings from Financial Services totaled $19 million for the fourth quarter of fiscal 2007, 10% lower than the same quarter a year ago. CTX Mortgage originated loans for 82% of Centex Homes’ buyers during the fourth quarter, up five percentage points versus last year’s fourth quarter. Centex’s Financial Services operations provide Centex home buyers with a streamlined home-closing and settlement process.

NON-GAAP FINANCIAL MEASURES

     Explanations of non-GAAP financial measures used in this press release and the accompanying attachments, 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 fourth quarter fiscal year 2007 financial results at 10 a.m. Eastern Time (9 a.m. Central Time) on Tuesday, May 1. 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 or mortgage loans 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)	Reconciliation of Housing/Home Building Operating Earnings

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Attachment 1

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

	Quarter Ended									Fiscal Year Ended
	March 31,									March 31,
	(unaudited)									(unaudited)
	2007			2006 (B)			Change			2007			2006 (B)			Change
Revenues
Home Building	$	3,519,692		$	3,980,967			(12	%)	$	11,414,827		$	12,272,203			(7	%)
Financial Services (A)		117,105			118,498			(1	%)		468,001			462,223			1	%
Other		32,066			30,664			5	%		131,739			117,438			12	%
Total	$	3,668,863		$	4,130,129			(11	%)	$	12,014,567		$	12,851,864			(7	%)
Operating Earnings
Home Building (C)	$	(16,843	)	$	601,349			(103	%)	$	96,821		$	1,905,812			(95	%)
Financial Services (A)		18,783			20,922			(10	%)		84,530			84,465			—	%
Other		267			1,029			(74	%)		(1,525	)		(5,779	)		74	%
Total Operating Earnings		2,207			623,300			(100	%)		179,826			1,984,498			(91	%)
Corporate General Expenses (C)		(9,498	)		(29,220	)					(77,053	)		(100,155	)
Interest Expense		—			(3,362	)					—			(12,067	)
Earnings (Loss) from Continuing Operations Before Income Taxes		(7,291	)		590,718			(101	%)		102,773			1,872,276			(95	%)
Income Taxes		(14,994	)		(221,758	)					(114,553	)		(665,187	)
Earnings (Loss) from Continuing Operations		(22,285	)		368,960			(106	%)		(11,780	)		1,207,089			(101	%)
Earnings from Discontinued Operations, net (A)		221,140			22,809						280,146			82,224
Net Earnings	$	198,855		$	391,769			(49	%)	$	268,366		$	1,289,313			(79	%)
Earnings Per Share — Basic
Earnings (Loss) per Share — Continuing Operations	$	(0.18	)	$	2.99			(106	%)	$	(0.10	)	$	9.51			(101	%)
Earnings per Share — Discontinued Operations		1.83			0.18						2.33			0.65
Earnings Per Share — Basic	$	1.65		$	3.17			(48	%)	$	2.23		$	10.16			(78	%)
Earnings Per Share — Diluted
Earnings (Loss) per Share — Continuing Operations	$	(0.18	)	$	2.86			(106	%)	$	(0.09	)	$	9.09			(101	%)
Earnings per Share — Discontinued Operations		1.78			0.18						2.25			0.62
Earnings Per Share — Diluted	$	1.60		$	3.04			(47	%)	$	2.16		$	9.71			(78	%)
Average Shares Outstanding:
Basic		120,627,559			123,622,796			(2	%)		120,537,235			126,870,887			(5	%)
Diluted		124,068,032			128,732,705			(4	%)		124,410,244			132,749,797			(6	%)

(A)	Financial Services excludes the Centex Home Equity operations which were sold in July 2006 and are reflected in discontinued operations. In addition, Construction Services, which was sold in March 2007, is also reflected in discontinued operations.
(B)	Certain prior year items have been reclassified to conform to current period classifications.
(C)	Centex is reorganizing its reporting segments which will be disclosed in its fiscal 2007 Form 10-K. As part of the reorganization of reporting segments, a portion of its Home Building SG&A costs will be reported as Corporate General Expenses, which will more appropriately reflect the alignment of its operations.

Attachment 2

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

	Centex Corporation and Subsidiaries				Centex Corporation (A)				Financial Services
	March 31,		March 31,		March 31,		March 31,		March 31,		March 31,
	2007		2006		2007		2006		2007		2006
Assets
Cash -
Unrestricted	$	883	$	43	$	871	$	33	$	12	$	10
Restricted		146		133		57		69		89		64
Receivables -
Mortgage Loans Receivable		1,694		2,130		—		—		1,694		2,130
Other Receivables		228		326		176		283		52		43
Inventories -
Homebuilding		8,654		8,832		8,654		8,832		—		—
Land Held Under Option Agreements not Owned		282		818		282		818		—		—
Other		15		12		6		5		9		7
Investments		282		308		419		963		—		—
Property and Equipment, net		136		178		119		156		17		22
Goodwill		219		218		210		206		9		12
Deferred Charges and Other Assets		667		468		629		429		38		39
Assets of Discontinued Operations (B)		—		7,899		—		389		—		7,510
	$	13,206	$	21,365	$	11,423	$	12,183	$	1,920	$	9,837
Liabilities and Stockholders’ Equity
Accounts Payable and Accrued Liabilities	$	2,350	$	2,182	$	2,231	$	2,080	$	95	$	93
Debt -
Non-Financial Services		3,904		3,982		3,904		3,982		—		—
Financial Services		1,663		2,077		—		—		1,663		2,077
Liabilities of Discontinued Operations (B)		—		7,581		—		579		—		7,002
Minority Interests		177		531		176		530		1		1
Stockholders’ Equity		5,112		5,012		5,112		5,012		161		664
	$	13,206	$	21,365	$	11,423	$	12,183	$	1,920	$	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 present the consolidating information shown above and believe that it is useful to investors because it enables them to compare our homebuilding operations more readily to the businesses of other homebuilding companies that do not have significant financial services operations. We also believe that separate disclosure of the consolidating information is appropriate 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.

(B)

The assets and liabilities of discontinued operations at March 31, 2006 include the Centex Home Equity operations, sold in July 2006 and the Construction Services operations, sold in March 2007.

Attachment 3

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

	Centex Corporation and Subsidiaries (A)						Centex Corporation (A)(B)						Financial Services (A)
	For the Fiscal Year Ended March 31,						For the Fiscal Year Ended March 31,						For the Fiscal Year Ended March 31,
	2007			2006			2007			2006			2007			2006
Cash Flows — Operating Activities
Net Earnings	$	268		$	1,289		$	268		$	1,289		$	102		$	119
Adjustments -
Depreciation and Amortization		60			63			52			48			8			15
Other Noncash Adjustments		285			82			812			14			(32	)		22
Decrease (Increase) in Loans Held for Sale		519			(200	)		—			—			519			(200	)
Increase in Inventories		(481	)		(2,484	)		(479	)		(2,484	)		(2	)		—
Other Operating Activities		298			487			277			466			(16	)		57
		949			(763	)		930			(667	)		579			13
Cash Flows — Investing Activities
(Increase) Decrease in Loans Held for Investment		(292	)		952			—			—			(292	)		952
Other Investing Activities		381			(52	)		46			77			370			(165	)
		89			900			46			77			78			787
Cash Flows — Financing Activities
(Decrease) Increase in Short-Term Debt, net		(347	)		765			(125	)		119			(222	)		646
Issuance of Long-Term Debt, net		422			(729	)		207			629			215			(1,358	)
Other Financing Activities		(278	)		(626	)		(224	)		(610	)		(649	)		(89	)
		(203	)		(590	)		(142	)		138			(656	)		(801	)
Effect of Exchange Rate on Cash		—			(1	)		—			(1	)		—			—
Net Increase (Decrease) in Cash and Cash Equivalents		835			(454	)		834			(453	)		1			(1	)
Cash and Cash Equivalents at Beginning of Period		48			502			37			490			11			12
Cash and Cash Equivalents at End of Period	$	883		$	48		$	871		$	37		$	12		$	11

(A)

Beginning cash balances include cash from the discontinued operations of Centex Construction and Financial Services’ Home Equity operations — approximately $5 million as of March 31, 2006 and $6 million at March 31, 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 present the consolidating information shown above and believe that it is useful to investors because it enables them to compare our homebuilding operations more readily to the businesses of other homebuilding companies that do not have significant financial services operations. We also believe that separate disclosure of the consolidating information is appropriate 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 March 31,										Fiscal Year Ended March 31,
	2007					2006					2007					2006
HOME BUILDING
Revenues — Housing	$	3,334,989		100.0	%	$	3,890,256		100.0	%	$	11,014,975		100.0	%	$	11,920,634		100.0	%
Cost of Sales — Housing		(2,745,162	)	(82.3	%)		(2,782,087	)	(71.5	%)		(8,599,465	)	(78.1	%)		(8,458,995	)	(71.0	%)
Gross Margin — Housing		589,827		17.7	%		1,108,169		28.5	%		2,415,510		21.9	%		3,461,639		29.0	%
Revenues — Land Sales & Other		184,703					90,711					399,852					351,569
Cost of Sales — Land Sales & Other		(381,850	)				(100,823	)				(1,044,455	)				(296,938	)
Gross Margin — Land Sales & Other		(197,147	)				(10,112	)				(644,603	)				54,631
Total Gross Margin		392,680		11.2	%		1,098,057		27.6	%		1,770,907		15.5	%		3,516,270		28.7	%
Selling, General & Administrative		(403,446	)	(11.5	%)		(515,432	)	(12.9	%)		(1,631,533	)	(14.3	%)		(1,696,456	)	(13.8	%)
Other Income (Expense) (A)		(6,077	)	(0.2	%)		18,724		0.4	%		(42,553	)	(0.4	%)		85,998		0.6	%
Operating Earnings (Loss)	$	(16,843	)	(0.5	%)	$	601,349		15.1	%	$	96,821		0.8	%	$	1,905,812		15.5	%
Units Closed		10,582					12,336					35,785					39,232
Average Unit Sales Price	$	315,157				$	315,358				$	307,810				$	303,850
% Change		(0.1	%)				9.8	%				1.3	%				12.6	%
Average Neighborhoods		694					646					687					626
% Change		7.4	%				5.4	%				9.7	%				6.3	%

(A) Other Income (Expense) includes earnings (loss) from unconsolidated entities.

LOT POSITION

	As of March 31,
	2007		2006		Change
Lots Owned and Controlled:
Lots Owned		98,311		108,828		(10	%)
Lots Controlled		61,709		186,893		(67	%)
Total		160,020		295,721		(46	%)

Attachment 5

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

	Closings
	Quarter Ended March 31,							Fiscal Year Ended March 31,
	2007		2006		Change			2007		2006		Change
Mid-Atlantic		1,738		2,079		(16	%)		6,720		7,182		(6	%)
Southeast		1,875		2,510		(25	%)		5,883		7,235		(19	%)
Midwest		1,370		2,159		(37	%)		5,587		7,153		(22	%)
Southwest		3,176		3,354		(5	%)		10,401		10,720		(3	%)
West Coast		2,423		2,234		8	%		7,194		6,942		4	%
		10,582		12,336		(14	%)		35,785		39,232		(9	%)

	Sales (Orders) Backlog
	As of March 31,
	2007		2006		Change
Mid-Atlantic		1,848		3,073		(40	%)
Southeast		1,672		4,116		(59	%)
Midwest		1,938		2,755		(30	%)
Southwest		3,125		4,094		(24	%)
West Coast		2,068		3,349		(38	%)
		10,651		17,387		(39	%)

	Sales (Orders)
	Quarter Ended March 31,							Fiscal Year Ended March 31,
	2007		2006		Change			2007		2006		Change
Mid-Atlantic		1,520		1,785		(15	%)		5,495		6,833		(20	%)
Southeast		986		1,470		(33	%)		3,439		6,345		(46	%)
Midwest		1,256		1,840		(32	%)		4,770		6,596		(28	%)
Southwest		2,513		2,765		(9	%)		9,432		11,126		(15	%)
West Coast		1,557		2,068		(25	%)		5,913		7,130		(17	%)
		7,832		9,928		(21	%)		29,049		38,030		(24	%)

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 March 31,							Fiscal Year Ended March 31,
	2007		2006		Change			2007		2006		Change
Mid-Atlantic	$	548,167	$	708,838		(23	%)	$	2,179,199	$	2,422,302		(10	%)
Southeast		594,771		752,802		(21	%)		1,782,449		2,089,115		(15	%)
Midwest		347,750		485,262		(28	%)		1,304,583		1,583,002		(18	%)
Southwest		652,193		748,355		(13	%)		2,158,665		2,119,540		2	%
West Coast		1,192,108		1,194,999		—	%		3,590,079		3,706,675		(3	%)
	$	3,334,989	$	3,890,256		(14	%)	$	11,014,975	$	11,920,634		(8	%)

	Sales (Orders) Backlog Value
	(Dollars in thousands)
	As of March 31,
	2007		2006		Change
Mid-Atlantic	$	611,057	$	1,044,086		(41	%)
Southeast		517,343		1,350,484		(62	%)
Midwest		422,313		644,140		(34	%)
Southwest		661,405		968,250		(32	%)
West Coast		963,841		1,766,748		(45	%)
	$	3,175,959	$	5,773,708		(45	%)

Attachment 7

Centex Corporation and Subsidiaries
Supplemental Financial Services Data
(Unaudited)

CTX Mortgage Company

	Quarter Ended March 31,							Fiscal Year Ended March 31,
	2007		2006		Change			2007		2006		Change
Originations
Builder		8,254		8,884		(7	%)		27,141		27,364		(1	%)
Retail		6,770		8,291		(18	%)		30,638		43,319		(29	%)
Total		15,024		17,175		(13	%)		57,779		70,683		(18	%)
Loan Volume (in billions)	$	3.69	$	3.99		(8	%)	$	13.83	$	15.83		(13	%)
Average Loan Size	$	245,500	$	232,300		6	%	$	239,300	$	223,900		7	%
Operating Profit per Loan	$	1,250	$	1,218		3	%	$	1,463		1,195		22	%

Attachment 8

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

	As of March 31, 2007			As of March 31, 2006			As of March 31, 2005
Consolidated Debt/Capitalization (A)
Debt	$	5,567		$	6,059		$	4,804
Minority Interests		177			531			457
Less Minority Interests on Lot Options (C)		(153	)		(492	)		(416	)
Stockholders’ Equity		5,112			5,012			4,281
Capitalization		10,703			11,110			9,126
Less Unrestricted Cash		(883	)		(43	)		(496	)
Net Capitalization	$	9,820		$	11,067		$	8,630
Consolidated Debt-to-Capitalization Ratio		52.0	%		54.5	%		52.6	%
Consolidated Net Debt-to-Capitalization Ratio (D)		47.7	%		54.4	%		49.9	%
Debt/Capitalization, Excluding Financial Services (B)
Debt	$	3,904		$	3,982		$	3,108
Minority Interests		176			530			456
Less Minority Interests on Lot Options (C)		(153	)		(492	)		(416	)
Stockholders’ Equity		5,112			5,012			4,281
Capitalization		9,039			9,032			7,429
Less Unrestricted Cash		(871	)		(33	)		(485	)
Net Capitalization	$	8,168		$	8,999		$	6,944
Debt-to-Capitalization Ratio		43.2	%		44.1	%		41.8	%
Net Debt-to-Capitalization Ratio (D)		37.1	%		43.9	%		37.8	%

(A)	Consolidated capitalization includes debt, minority interest (excluding lot options), and stockholders’ equity, including Financial Services.
(B)	Capitalization includes debt, minority interest (excluding lot options), and stockholders’ equity. Capitalization presented above reflects Financial Services on an equity basis and does not includ debt or minority interests attributable to Financial Services.
(C)	Pursuant to the provisions of Financial Accounting Standards Board (“FASB”) Interpretation No. 46, “Consolidation of Variable Interest Entities,” as revised (“FIN 46”), the Company consolidates certain lot option agreements and records the deposit and remaining purchase price related to these options as land held under option agreements not owned with a corresponding increase in minority interests. These minority interests are excluded from the debt-to-capitalization ratio as the Company is not obligated to purchase the properties and pay these amounts.
(D)	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. We believe this ratio reflects the debt/capitalization structure in a more inclusive manner as unrestricted cash could be applied to reduce debt at quarter end. See Attachment 2 for more information.

Debt-to-capitalization is a common financial ratio used in the homebuilding industry to evaluate debt capacity and leverage.

Attachment 9

Centex Corporation and Subsidiaries
Reconciliation of Housing/Home Building Operating Earnings
(Dollars in thousands)
(unaudited)

	Quarter Ended March 31,										Fiscal Year Ended March 31,
	2007					2006					2007					2006
HOME BUILDING
Revenues — Housing	$	3,334,989		100.0	%	$	3,890,256		100.0	%	$	11,014,975		100.0	%	$	11,920,634		100.0	%
Cost of Sales — Housing		(2,745,162	)	(82.3	%)		(2,782,087	)	(71.5	%)		(8,599,465	)	(78.1	%)		(8,458,995	)	(71.0	%)
Gross Margin — Housing		589,827		17.7	%		1,108,169		28.5	%		2,415,510		21.9	%		3,461,639		29.0	%
Selling, General & Administrative		(403,446	)	(12.1	%)		(515,432	)	(13.3	%)		(1,631,533	)	(14.8	%)		(1,696,456	)	(14.2	%)
Housing Operating Earnings (A)		186,381		5.6	%		592,737		15.2	%		783,977		7.1	%		1,765,183		14.8	%
Revenues — Land Sales & Other		184,703					90,711					399,852					351,569
Cost of Sales — Land Sales & Other		(381,850	)				(100,823	)				(1,044,455	)				(296,938	)
Gross Margin — Land Sales & Other		(197,147	)				(10,112	)				(644,603	)				54,631
Other Income (Expense)		(6,077	)				18,724					(42,553	)				85,998
Operating Earnings (Loss)	$	(16,843	)	(0.5	%)	$	601,349		15.1	%	$	96,821		0.8	%	$	1,905,812		15.5	%

(A) Housing Operating Earnings is defined as housing revenues less housing cost of sales less selling, general & administrative expenses. Housing Operating Margin is defined as housing operating earnings divided by total housing revenues.

EX-99.2

Fourth 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 or mortgage loans 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.

FY07-Accomplishments Right-sized operations Lots owned and controlled down 46% year over year Unsold inventory down 23% in the quarter Headcount reduced 25% year over year Successfully sold sub-prime mortgage and commercial contracting businesses Reducing costs Achieving brick and mortar cost reductions Lowering overhead expenses Delivered on commitments Generated $1 billion of operating cash flow Significantly reduced net debt to capitalization ratio Repurchased over 5 million shares

FY08-Positioned for future success Focus on margin improvement Continue to reduce direct construction costs Gain additional supply chain efficiencies Maintain intensity on lowering overhead costs Significant cash flow generation Improve asset turns Less capital-intensive land strategy Invest strategically Gain share in the most profitable markets Return excess cash to shareholders

Housing market remains uncertain Sales per neighborhood stabilizing, but below historical averages Rate of discounts and incentives declined in each of last 3 months Cancellation rates declined but are still choppy Increased difficulty in qualifying buyers in some markets Existing home inventories increasing Uncertainties still exist Tightening mortgage liquidity, foreclosures

Operating highlights Closed 10,582 homes in the fourth quarter, 14% less than last year Unit sales down by 21% from last year Balancing sales pace and profit margins Emphasis on inventory reduction and cash generation Unsold new home inventory down 23% sequentially Generated $1 billion in operating cash flow Lots owned and controlled down 46% from last year Annual corporate G&A down 23% year-over-year

4QFY07 home building operations Revenues decreased 12%, year over year Average sales price flat at $315,157 Sales incentives and discounts reduced margins Housing operating earnings of $186 million Housing operating margin of 5.6% Backlog 7,832 sales (orders), down 21% 10,651 units, down 39% $3.2 billion, down 45%

Mid-Atlantic 1,520 -15% 1,738 -16% Southeast 986 -33% 1,875 -25% Midwest 1,256 -32% 1,370 -37% Southwest 2,513 -9% 3,176 -5% West Coast 1,557 -25% 2,423 +8% Total 7,832 -21% 10,582 -14% Home Building - 4Q Sales and Closings Sales % Chg Closings % Chg For the Quarter Ended March 31, 2007

The mortgage market in perspective A return to tighter lending standards is a long-term positive Centex mortgage operations adjusted a year ago in anticipation, expect no material effect to our backlog of sold homes Sub-prime peaked at about 5% of our purchase money originations in FY2007 Some markets will be more impacted than others Making anticipatory operational adjustments

FY08-Positioned for future success Focus on margin improvement Continue to reduce direct construction costs Gain additional supply chain efficiencies Maintain intensity on lowering overhead costs Significant cash flow generation Improve asset turns Less capital-intensive land strategy Invest strategically Gain share in the most profitable markets Return excess cash to shareholders

Questions and Answers