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):
July 24, 2007

Centex Corporation

(Exact name of registrant as specified in its charter)

Nevada	1-6776	75-0778259
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)
2728 N. Harwood Street, Dallas, Texas		75201
(Address of principal executive offices)		(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))

Item 2.02. Results of Operations and Financial Condition

On July 24, 2007, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended June 30, 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.

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

Historical Data. Centex Corporation, a Nevada corporation (the “Corporation”), included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2007 changes in its segment reporting structure. Prior year segment information was reclassified to conform to the new presentation. To facilitate investor understanding and comparison of current segment results against historical results, historical comparative data for two years, by quarter, based on the current home building segment structure, including revenues and operating earnings as well as statistical data, such as unit closings, sales, and backlog, is being furnished as Exhibit 99.2 hereto and is incorporated in this Item 7.01 by reference, but shall not be deemed filed for any purpose under the Securities Exchange Act of 1934.

Investor Materials. As previously announced, senior management of the Corporation will hold a conference call on July 25, 2007 at 10 a.m. Eastern time (9 a.m. Central time) to discuss the results of operations of the Corporation for the quarter ended June 30, 2007. 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 99.3 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 August 25, 2007.

Item 8.01. Other Events

On July 24, 2007, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended June 30, 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 7 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 July 24, 2007
99.2	Historical comparative segment data
99.3	Investor materials furnished in connection with the conference call to be held on July 25, 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: July 24, 2007

Exhibit Index

Exhibit
Number	Description
99.1	Press Release dated July 24, 2007
99.2	Historical comparative segment data
99.3	Investor materials furnished in connection with the conference call to be held on July 25, 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 FIRST QUARTER RESULTS

DALLAS – July 24, 2007: Centex Corporation (NYSE: CTX) today reported financial results for its fiscal first quarter ended June 30, 2007.

Highlights of the quarter ended June 30, 2007 (compared to last year’s first quarter):

• Loss from continuing operations was $1.08 per diluted share

• Sales (orders) decreased 22% to 6,474

• Reduced homebuilding SG&A expenses by 20%, or $80 million

• Reduced inventory of unsold homes by 17% to 4,815

• Homebuilding cancellation rate improved 150 bps to 31.2%

     Tim Eller, Centex Corporation Chairman and CEO, said, “In the quarter, we reduced overhead expenses and unsold inventory, and we saw an improving cancellation rate in a difficult market. We remain focused on the fundamentals: selling homes, minimizing inventory, generating cash and attacking costs.”

CORPORATE RESULTS

     Fiscal 2008’s first-quarter revenues were $1.94 billion, 31% lower than the same quarter last year. The loss from continuing operations for the first quarter was $131 million, or a loss of $1.08 per diluted share, down from earnings of $172 million, or $1.37 per diluted share, in the previous year’s fiscal first quarter. Included in the first quarter of fiscal 2008’s loss from continuing operations is $193 million on a pre-tax basis, or $0.98 per diluted share, of impairments and other land charges.

HOME BUILDING

     Fiscal 2008’s first-quarter revenues were $1.80 billion, 32% lower than the same quarter last year as a result of a 27% decrease in closings to 6,095 homes. Home building reported an operating loss of $172 million for the quarter, after $193 million in impairments and other land charges. The housing operating loss (housing revenues less housing cost of sales and SG&A) was $5 million, down from earnings of $318 million in the previous year. The decrease is a result of lower unit volume, a 5.5% decrease in the unit average sales price and higher sales incentives.

Centex Corporation, Page 2 of 2

FINANCIAL SERVICES

     Operating earnings from Financial Services totaled $15 million for the first quarter of fiscal 2008, 35% lower than the same quarter a year ago due principally to lower origination volume. CTX Mortgage originated loans for 78% of Centex Homes’ buyers during the first quarter, up one percentage point versus last year’s first 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 first quarter fiscal year 2008 financial results at 10 a.m. Eastern Time (9 a.m. Central Time) on Wednesday, July 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.

# # #

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, 2007 (including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which is 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) Consolidated Balance Sheet
(3) Home Building Revenues and Earnings
(4) Supplemental Home Building Data
(5) Supplemental Home Building Segment Data
(6) Supplemental Financial Services Data
(7) Supplemental Financial Data
(8) Reconciliation of Housing/Home Building Operating Earnings

-MORE-

Attachment 1

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

	Quarter Ended
	June 30,
	(unaudited)
	2007			2006 (C)			Change
Revenues
Home Building (A)	$	1,803,820		$	2,649,837			(32	%)
Financial Services		97,966			122,741			(20	%)
Other		39,629			31,322			27	%
Total	$	1,941,415		$	2,803,900			(31	%)
Operating Earnings (Loss)
Home Building (A)	$	(171,779	)	$	311,913			(155	%)
Financial Services		14,969			23,087			(35	%)
Other		6,134			(1,767	)		447	%
Total Operating Earnings (Loss)		(150,676	)		333,233			(145	%)
Corporate General and Administrative Expenses (B)		(44,981	)		(54,770	)
Earnings (Loss) from Continuing Operations Before Income Taxes		(195,657	)		278,463			(170	%)
Income Tax (Provision) Benefit		64,322			(106,035	)
Earnings (Loss) from Continuing Operations		(131,335	)		172,428			(176	%)
Earnings (Loss) from Discontinued Operations, net		3,376			(12,171	)
Net Earnings (Loss)	$	(127,959	)	$	160,257			(180	%)
Earnings (Loss) Per Share — Basic
Continuing Operations	$	(1.08	)	$	1.41			(177	%)
Discontinued Operations		0.03			(0.10	)
Earnings (Loss) Per Share — Basic	$	(1.05	)	$	1.31			(180	%)
Earnings (Loss) Per Share — Diluted
Continuing Operations	$	(1.08	)	$	1.37			(179	%)
Discontinued Operations		0.03			(0.10	)
Earnings (Loss) Per Share — Diluted	$	(1.05	)	$	1.27			(183	%)
Average Shares Outstanding:
Basic		121,469,951			121,969,085			—	%
Diluted		121,469,951			126,233,469			(4	%)

(A)	See Attachment 3 for detailed home building segment revenues and earnings.
(B)	In connection with the change in the Company’s reporting segments at March 31, 2007, home building corporate general and administrative expenses have been reclassified to Corporate General and Administrative Expenses consistent with the structure of the internal organization. Prior periods have been restated accordingly.
(C)	Certain prior year items have been reclassified to conform to current period classifications.

Attachment 2

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

	June 30,		March 31,
	2007		2007
Assets
Cash -
Unrestricted	$	233	$	883
Restricted		147		146
Receivables -
Residential Mortgage Loans Held for Sale		1,474		1,688
Other Receivables		187		228
Inventories -
Homebuilding		8,671		8,654
Land Held Under Option Agreements not Owned		208		282
Other		16		15
Investments		274		282
Property and Equipment, net		126		136
Goodwill		222		219
Deferred Charges and Other Assets		887		667
	$	12,445	$	13,200
Liabilities and Stockholders’ Equity
Accounts Payable and Accrued Liabilities	$	2,198	$	2,344
Debt -
Non-Financial Services		3,849		3,904
Financial Services		1,457		1,663
Minority Interests		148		177
Stockholders’ Equity (A)		4,793		5,112
	$	12,445	$	13,200

(A) Effective April 1, 2007, the Company adopted Financial Accounting Standards FIN 48, “Accounting for Uncertainty in Income Taxes”. The change in accounting for income taxes reduced retained earnings by $208 and stockholders’ equity by $213.

Attachment 3

Centex Corporation and Subsidiaries
Home Building Revenues and Earnings
(Dollars in thousands)

	Quarter Ended
	June 30,
	(unaudited)
	2007			2006		Change
Home Building Revenues
East	$	360,776		$	544,423		(34	%)
Southeast		213,857			397,782		(46	%)
Central		185,069			289,914		(36	%)
Texas		234,733			244,356		(4	%)
Northwest		395,525			504,879		(22	%)
Southwest		371,204			592,033		(37	%)
Other Home Building		42,656			76,450		(44	%)
Total Home Building	$	1,803,820		$	2,649,837		(32	%)
Home Building Operating Earnings (Loss) (A)
East	$	18,052		$	82,979		(78	%)
Southeast		(13,017	)		60,602		(121	%)
Central		(6,367	)		9,633		(166	%)
Texas		14,136			20,347		(31	%)
Northwest		(32,081	)		73,290		(144	%)
Southwest		(115,600	)		48,170		(340	%)
Other Home Building		(36,902	)		16,892		(318	%)
Total Home Building	$	(171,779	)	$	311,913		(155	%)

(A) Operating Earnings above exclude home building corporate general and administrative expenses which have been reclassified to Corporate General and Administrative Expenses in connection with the change in the Company’s reporting segments at March 31, 2007. Further information regarding the home building reporting segments shown above may be found in Part 1, Item 1 (Business) of Centex’s Form 10-K for the fiscal year ended March 31, 2007. Prior periods have been restated accordingly.

Attachment 4

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

MARGIN DATA

	Quarter Ended June 30,
	2007					2006
Revenues — Housing	$	1,774,738		100.0	%	$	2,562,058		100.0	%
Cost of Sales — Housing		(1,481,351	)	(83.5	%)		(1,866,511	)	(72.9	%)
Gross Margin — Housing		293,387		16.5	%		695,547		27.1	%
Revenues — Land Sales & Other		29,082					87,779
Cost of Sales — Land Sales & Other		(175,567	)				(104,777	)
Gross Margin — Land Sales & Other		(146,485	)				(16,998	)
Total Gross Margin		146,902		8.1	%		678,549		25.6	%
Selling, General & Administrative (A)		(298,628	)	(16.5	%)		(377,304	)	(14.2	%)
Other Income (Expense) (B)		(20,053	)	(1.1	%)		10,668		0.4	%
Operating Earnings (Loss)	$	(171,779	)	(9.5	%)	$	311,913		11.8	%
Units Closed		6,095					8,318
Average Unit Sales Price	$	291,179				$	308,014
% Change		(5.5	%)				7.6	%
Average Neighborhoods		676					669
% Change		1.0	%				10.6	%

(A)

Selling, General & Administrative expenses above are those associated with field operations. As noted on Attachments 1 and 3, home building corporate general and administrative expenses have been reclassified to Corporate General and Administrative Expense and are no longer included in the calculation of home building operating earnings, consistent with the structure of the internal organization. Prior periods have been restated accordingly.

(B)

Other Income (Expense) includes earnings (loss) from unconsolidated entities of ($25,353) and $5,505, respectively.

IMPAIRMENTS AND WRITE-OFFS

	Quarter Ended June 30,
	2007		2006		Change
Impairment Charges	$	142,592	$	—		—	%
Write-offs of Land Deposits and Pre-Acquisition Costs		22,870		36,302		(37	%)
Share of Joint Venture Impairments		27,050		—		—	%
Total Impairments and Write-offs	$	192,512	$	36,302		430	%

LOT POSITION

	As of June 30,
	2007		2006		Change
Lot Owned and Controlled:
Lots Owned		96,365		112,976		(15	%)
Lots Controlled		54,348		169,614		(68	%)
Total		150,713		282,590		(47	%)

Attachment 5

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

								Housing Revenues
	Closings (Units)							(Dollars in thousands)
	Quarter Ended June 30,							Quarter Ended June 30,
	2007		2006		Change			2007		2006		Change
East		1,119		1,653		(32	%)	$	354,873	$	543,973		(35	%)
Southeast		716		1,193		(40	%)		208,123		371,008		(44	%)
Central		868		1,320		(34	%)		183,020		288,265		(37	%)
Texas		1,400		1,506		(7	%)		232,391		233,178		—	%
Northwest		987		1,090		(9	%)		392,558		493,362		(20	%)
Southwest		895		1,364		(34	%)		367,931		574,736		(36	%)
Other Home Building		110		192		(43	%)		35,842		57,536		(38	%)
		6,095		8,318		(27	%)	$	1,774,738	$	2,562,058		(31	%)

	Sales (Orders) Backlog							Sales (Orders) Backlog
	(Units)							(Dollars in thousands)
	As of June 30,							As of June 30,
	2007		2006		Change			2007		2006		Change
East		2,011		2,969		(32	%)	$	668,842	$	1,013,154		(34	%)
Southeast		1,546		3,292		(53	%)		456,564		1,115,712		(59	%)
Central		1,849		2,250		(18	%)		372,790		466,242		(20	%)
Texas		2,055		2,517		(18	%)		340,234		390,076		(13	%)
Northwest		1,732		2,270		(24	%)		720,533		1,017,648		(29	%)
Southwest		1,705		3,138		(46	%)		600,143		1,431,164		(58	%)
Other Home Building		132		883		(85	%)		49,067		312,330		(84	%)
		11,030		17,319		(36	%)	$	3,208,173	$	5,746,326		(44	%)

	Sales (Orders) (Units)
	Quarter Ended June 30,
	2007		2006		Change
East		1,282		1,549		(17	%)
Southeast		743		1,017		(27	%)
Central		973		1,308		(26	%)
Texas		1,435		1,834		(22	%)
Northwest		914		1,146		(20	%)
Southwest		1,097		1,329		(17	%)
Other Home Building		30		67		(55	%)
		6,474		8,250		(22	%)

Attachment 6

Centex Corporation and Subsidiaries
Supplemental Financial Services Data
(Unaudited)

CTX Mortgage Company

	Quarter Ended June 30,
	2007		2006		Change
Originations
Builder		4,541		6,065		(25	%)
Retail		7,451		8,917		(16	%)
Total		11,992		14,982		(20	%)
Loan Volume (in billions)	$	2.77	$	3.49		(21	%)
Average Loan Size	$	231,000	$	232,800		(1	%)

Attachment 7

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

	As of June 30, 2007			As of March 31, 2007			As of June 30, 2006
Consolidated Debt/Capitalization (A)
Debt	$	5,306		$	5,567		$	6,548
Minority Interests		148			177			421
Less Minority Interests on Lot Options (C)		(124	)		(153	)		(386	)
Stockholders’ Equity		4,793			5,112			5,023
Capitalization		10,123			10,703			11,606
Less Unrestricted Cash		(233	)		(883	)		(84	)
Net Capitalization	$	9,890		$	9,820		$	11,522
Consolidated Debt-to-Capitalization Ratio		52.4	%		52.0	%		56.4	%
Consolidated Net Debt-to-Capitalization Ratio (D)		51.3	%		47.7	%		56.1	%
Debt/Capitalization, Excluding Financial Services (B)
Debt	$	3,849		$	3,904		$	4,842
Minority Interests		148			176			420
Less Minority Interests on Lot Options (C)		(124	)		(153	)		(386	)
Stockholders’ Equity		4,793			5,112			5,023
Capitalization		8,666			9,039			9,899
Less Unrestricted Cash		(229	)		(871	)		(73	)
Net Capitalization	$	8,437		$	8,168		$	9,826
Debt-to-Capitalization Ratio		44.4	%		43.2	%		48.9	%
Net Debt-to-Capitalization Ratio (D)		42.9	%		37.1	%		48.5	%

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

Attachment 8

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

	Quarter Ended June 30,
	2007					2006
HOME BUILDING
Revenues — Housing	$	1,774,738		100.0	%	$	2,562,058		100.0	%
Cost of Sales — Housing		(1,481,351	)	(83.5	%)		(1,866,511	)	(72.9	%)
Gross Margin — Housing		293,387		16.5	%		695,547		27.1	%
Selling, General & Administrative		(298,628	)	(16.8	%)		(377,304	)	(14.7	%)
Housing Operating Earnings (Loss) (A)		(5,241	)	(0.3	%)		318,243		12.4	%
Revenues — Land Sales & Other		29,082					87,779
Cost of Sales — Land Sales & Other		(175,567	)				(104,777	)
Gross Margin — Land Sales & Other		(146,485	)				(16,998	)
Other Income (Expense)		(20,053	)				10,668
Operating Earnings (Loss)	$	(171,779	)	(9.5	%)	$	311,913		11.8	%

(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

Exhibit 99.2

Centex Corporation and Subsidiaries
Supplemental Home Building Data
Restated Housing Data by Geographic Area (A)
(Unaudited)

(A) The Company’s Annual Report on Form 10-K at March 31, 2007 included a change in reporting segments. Prior year segment information included in the March 31, 2007 Form 10-K was revised to conform to the current presentation. Further information regarding the home building reporting segments shown below may be found in Part 1, Item 1 (Business) of Centex’s Form 10-K for the fiscal year ended March 31, 2007. Additionally, Operating Earnings presented exclude home building corporate general and administrative expenses which have been reclassified to Corporate General and Administrative Expenses in connection with the above change in the Company’s reporting segments. The following tables present the last two fiscal years’ home building data by quarter for the new reporting segments.

HOME BUILDING REVENUES
(Dollars in thousands)

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	544,423	$	572,540	$	518,342	$	620,397	$	2,255,702
Southeast		397,782		382,309		340,574		565,338		1,686,003
Central		289,914		283,528		246,275		229,166		1,048,883
Texas		244,356		267,697		276,819		365,830		1,154,702
Northwest		504,879		536,704		507,520		572,566		2,121,669
Southwest		592,033		549,008		603,057		986,294		2,730,392
Other Home Building		76,450		66,261		94,664		180,101		417,476
	$	2,649,837	$	2,658,047	$	2,587,251	$	3,519,692	$	11,414,827

	Fiscal Year Ended March 31, 2006
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	495,642	$	605,310	$	634,054	$	709,427	$	2,444,433
Southeast		358,099		457,348		428,101		740,289		1,983,837
Central		282,652		323,473		305,583		398,331		1,310,039
Texas		225,892		245,338		270,274		321,875		1,063,379
Northwest		466,612		515,183		553,744		608,313		2,143,852
Southwest		477,564		577,395		695,872		1,090,250		2,841,081
Other Home Building		92,716		164,362		116,022		112,482		485,582
	$	2,399,177	$	2,888,409	$	3,003,650	$	3,980,967	$	12,272,203

HOME BUILDING OPERATING EARNINGS (LOSS)
(Dollars in thousands)

	Fiscal Year Ended March 31, 2007
	Q1		Q2			Q3			Q4			Fiscal Year
East	$	82,979	$	75,556		$	(31,231	)	$	24,517		$	151,821
Southeast		60,602		23,120			9,615			15,565			108,902
Central		9,633		188			(27,940	)		(36,112	)		(54,231	)
Texas		20,347		23,548			22,595			26,719			93,209
Northwest		73,290		77,841			(81,885	)		43,578			112,824
Southwest		48,170		(56,206	)		(128,047	)		(43,912	)		(179,995	)
Other Home Building		16,892		4,688			(5,509	)		(43,248	)		(27,177	)
	$	311,913	$	148,735		$	(242,402	)	$	(12,893	)	$	205,353

	Fiscal Year Ended March 31, 2006
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	84,903	$	111,052	$	128,105	$	125,527	$	449,587
Southeast		50,131		97,584		65,929		160,264		373,908
Central		21,295		22,751		17,673		25,758		87,477
Texas		15,017		19,432		25,392		25,443		85,284
Northwest		113,120		119,628		155,990		108,026		496,764
Southwest		85,526		96,891		127,659		211,248		521,324
Other Home Building		7,599		35,428		26,955		503		70,485
	$	377,591	$	502,766	$	547,703	$	656,769	$	2,084,829

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

CLOSINGS (UNITS)

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4		Fiscal Year
East		1,653		1,725		1,604		1,738		6,720
Southeast		1,193		1,305		1,144		1,732		5,374
Central		1,320		1,274		1,128		1,067		4,789
Texas		1,506		1,608		1,704		2,265		7,083
Northwest		1,090		1,161		1,140		1,318		4,709
Southwest		1,364		1,275		1,472		2,098		6,209
Other Home Building		192		177		168		364		901
		8,318		8,525		8,360		10,582		35,785

	Fiscal Year Ended March 31, 2006
	Q1		Q2		Q3		Q4		Fiscal Year
East		1,514		1,721		1,805		2,076		7,116
Southeast		1,258		1,347		1,455		2,366		6,426
Central		1,289		1,476		1,387		1,819		5,971
Texas		1,532		1,585		1,776		2,006		6,899
Northwest		1,043		1,120		1,102		1,315		4,580
Southwest		1,237		1,449		1,657		2,443		6,786
Other Home Building		362		459		322		311		1,454
		8,235		9,157		9,504		12,336		39,232

SALES (ORDERS) (UNITS)

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4			Fiscal Year
East		1,549		1,217		1,209		1,520			5,495
Southeast		1,017		815		587		1,006			3,425
Central		1,308		1,027		814		1,122			4,271
Texas		1,834		1,710		1,560		1,810			6,914
Northwest		1,146		996		1,020		1,138			4,300
Southwest		1,329		1,052		911		1,247			4,539
Other Home Building		67		11		38		(11	)		105
		8,250		6,828		6,139		7,832			29,049

	Fiscal Year Ended March 31, 2006
	Q1		Q2		Q3		Q4		Fiscal Year
East		2,015		1,699		1,341		1,785		6,840
Southeast		1,554		1,363		1,350		1,436		5,703
Central		1,410		1,538		1,132		1,556		5,636
Texas		1,675		1,520		1,729		2,070		6,994
Northwest		1,219		994		944		1,440		4,597
Southwest		2,144		2,015		1,525		1,512		7,196
Other Home Building		402		426		107		129		1,064
		10,419		9,555		8,128		9,928		38,030

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

SALES (ORDERS) BACKLOG (UNITS)

	As of
	June 30, 2006		September 30, 2006		December 31, 2006		March 31, 2007
East		2,969		2,461		2,066		1,848
Southeast		3,292		2,802		2,245		1,519
Central		2,250		2,003		1,689		1,744
Texas		2,517		2,619		2,475		2,020
Northwest		2,270		2,105		1,985		1,805
Southwest		3,138		2,915		2,354		1,503
Other Home Building		883		717		587		212
		17,319		15,622		13,401		10,651
	As of
	June 30, 2005		September 30, 2005		December 31, 2005		March 31, 2006
East		3,850		3,828		3,364		3,073
Southeast		4,487		4,503		4,398		3,468
Central		2,718		2,780		2,525		2,262
Texas		2,237		2,172		2,125		2,189
Northwest		2,373		2,247		2,089		2,214
Southwest		3,670		4,236		4,104		3,173
Other Home Building		1,438		1,405		1,190		1,008
		20,773		21,171		19,795		17,387
SALES (ORDERS) BACKLOG (DOLLARS) (Dollars in thousands)
	As of
	June 30, 2006		September 30, 2006		December 31, 2006		March 31, 2007
East	$	1,013,154	$	791,961	$	665,833	$	611,057
Southeast		1,115,712		886,006		715,821		462,376
Central		466,242		415,477		356,214		362,434
Texas		390,076		413,918		397,937		325,794
Northwest		1,017,648		964,214		924,326		775,588
Southwest		1,431,164		1,311,353		1,008,902		556,913
Other Home Building		312,330		281,043		245,027		81,797
	$	5,746,326	$	5,063,972	$	4,314,060	$	3,175,959
	As of
	June 30, 2005		September 30, 2005		December 31, 2005		March 31, 2006
East	$	1,393,549	$	1,369,253	$	1,236,470	$	1,044,086
Southeast		1,293,691		1,355,732		1,408,834		1,131,281
Central		584,460		592,175		542,564		474,613
Texas		329,591		319,118		316,908		335,959
Northwest		1,128,569		1,134,608		1,079,156		1,062,697
Southwest		1,492,177		1,780,025		1,780,180		1,369,482
Other Home Building		356,966		410,121		388,115		355,590
	$	6,579,003	$	6,961,032	$	6,752,227	$	5,773,708

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

HOUSING REVENUES — CLOSINGS
(Dollars in thousands)

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	543,973	$	571,021	$	516,038	$	548,167	$	2,179,199
Southeast		371,008		369,567		332,650		539,541		1,612,766
Central		288,265		278,911		243,597		227,180		1,037,953
Texas		233,178		254,670		273,993		362,762		1,124,603
Northwest		493,362		535,351		493,336		569,281		2,091,330
Southwest		574,736		538,676		588,880		932,331		2,634,623
Other Home Building		57,536		53,643		67,595		155,727		334,501
	$	2,562,058	$	2,601,839	$	2,516,089	$	3,334,989	$	11,014,975

	Fiscal Year Ended March 31, 2006
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	490,700	$	578,534	$	633,424	$	708,086	$	2,410,744
Southeast		347,521		381,456		416,405		719,923		1,865,305
Central		279,991		320,723		304,030		394,931		1,299,675
Texas		225,071		232,930		265,563		307,504		1,031,068
Northwest		465,241		513,365		545,303		600,894		2,124,803
Southwest		475,187		575,151		695,683		1,078,811		2,824,832
Other Home Building		74,417		113,740		95,943		80,107		364,207
	$	2,358,128	$	2,715,899	$	2,956,351	$	3,890,256	$	11,920,634

HOME BUILDING SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (A)
(Dollars in thousands)

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4		Fiscal Year
Total SG&A	$	377,304	$	375,629	$	370,572	$	399,496	$	1,523,001

	Fiscal Year Ended March 31, 2006
	Q1		Q2		Q3		Q4		Fiscal Year
Total SG&A	$	323,280	$	355,600	$	378,547	$	460,012	$	1,517,439

(A) Home building selling, general and administrative expenses above have been revised to reflect the reclassification of home building corporate general and administrative expenses to Corporate General and Administrative Expenses in connection with the change in the Company’s reporting segments at March 31, 2007. Further information regarding the home building reporting segments shown above may be found in Part 1, Item 1 (Business) of Centex’s Form 10-K for the fiscal year ended March 31, 2007.

EX-99.3

Exhibit 99.3

First Quarter Fiscal Year 2008 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, 2007 (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 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.

Market remains difficult, but Centex is well-positioned Early action improves current position Geographic diversity is a strength Strong balance sheet Experienced leadership Recent cancellation rates trending down

Near-term goals Sell homes, minimize inventory Structure for profitability Generate cash and enhance balance-sheet flexibility Aggressively attack costs

Positioning for the future Gain strength and share in those markets that will provide the best returns Turn assets faster Consistently generate cash Generate higher returns Apply world-class manufacturing disciplines Achieve sustainably lower cost structure

First quarter commentary Sales rates still choppy June sales per neighborhood was 3rd best of last 12 months April and May were more difficult Continued to reduce supply of land and unsold inventory Total lots owned and controlled now at Sept 2003 levels Unsold inventory down 27% from last summer's peak Cancellation rate fell for 2nd consecutive quarter and was down year-over-year for first time in 10 quarters Homebuilding was profitable before impairments

Q1 Homebuilding Operations Revenues down 32% to $1.80 billion Closings down 27% to 6,095 homes Average selling price decreased 5.5% to $291,179 Sales incentives and discounts reduced margins Discounts and incentives up 400 bps Housing gross margin 16.5% Backlog 6,474 sales (orders), down 22% 11,030 units, down 36% $3.2 billion, down 44%

East 1,282 -17% 1,119 -32% Southeast 743 -27% 716 -40% Central 973 -26% 868 -34% Texas 1,435 -22% 1,400 -7% Northwest 914 -20% 987 -9% Southwest 1,097 -17% 895 -34% Other 30 -55% 110 -43% Total 6,474 -22% 6,095 -27% Homebuilding: Q1 Sales and Closings Sales % Chg Closings % Chg For the Quarter Ended June 30, 2007

Cost reductions and cash flow Homebuilding SG&A reduced by 20% or almost $80 million year-over year Overhead per closing held even with last year Pursuing an advantaged cost structure Simplifying, standardizing, centralizing Expect to generate about $750 million in cash flow from operations for the full year

Key Messages Market conditions remain difficult Focused on the fundamentals Today's actions will enhance future results

Questions and Answers