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 23, 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 October 23, 2007, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended September 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

Investor Materials. As previously announced, senior management of Centex Corporation, a Nevada corporation (the “Corporation”), will hold a conference call on October 24, 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 September 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 99.2 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 November 24, 2007.

Historical Data. To facilitate investor understanding and comparison of current segment results against historical results, the Corporation furnished as Exhibit 99.2 to its Current Report on Form 8-K filed with the Securities and Exchange Commission on July 24, 2007 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. The Form 8-K is available on the Corporation’s web site at www.centex.com.

Item 8.01. Other Events

On October 23, 2007, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended September 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. The following exhibits are filed with this Report.

Exhibit
Number	Description
99.1	Press Release dated October 23, 2007
99.2	Investor materials furnished in connection with the conference call to be held on October 24, 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: October 23, 2007

Exhibit Index

Exhibit
Number	Description
99.1	Press Release dated October 23, 2007
99.2	Investor materials furnished in connection with the conference call to be held on October 24, 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 SECOND QUARTER RESULTS

DALLAS, Oct. 23, 2007 — Centex Corporation (NYSE: CTX) today reported financial results for its fiscal second quarter ended Sept. 30, 2007.

Highlights of the quarter ended Sept. 30, 2007 (compared to last year’s second quarter):

• Loss from continuing operations was $5.26 per diluted share

• Sales (orders) decreased 13% to 5,953

• Reduced homebuilding SG&A expenses by 21% or $80 million

• Reduced inventory of unsold homes by 28% to 4,708

• Homebuilding cancellation rate decreased 200 bps to 35.4%

     “Market conditions were extremely challenging during the quarter, reflecting the serious disruptions in the credit and mortgage markets that occurred during that period,” said Tim Eller, Centex Corporation chairman and CEO. “In response, we meaningfully reduced prices in order to improve affordability for our home buyers. These actions were consistent with our continued focus on selling homes and generating cash as we structure for profitability.”

CORPORATE RESULTS

     Fiscal 2008’s second quarter revenues were $2.22 billion, 21% lower than the same quarter last year. The loss from continuing operations for the second quarter was $644 million, or a loss of $5.26 per diluted share, down from earnings of $80 million, or $0.65 per diluted share, in the previous year’s fiscal second quarter.

HOME BUILDING

     Fiscal 2008’s second quarter revenues were $2.11 billion, 21% lower than the same quarter last year mainly as a result of a 14% decrease in closings to 7,350 homes. Home building reported an operating loss of $953 million for the quarter, after $983 million, or $4.97 per diluted share, in impairments and other land charges. Housing operating earnings (housing revenues less housing cost of sales and SG&A) were $26 million, down from earnings of $259 million in the previous year. The decrease is a result of lower unit volume, an 8% decrease in the unit average sales price and higher sales incentives.

Centex Corporation, Page 2 of 3

     For the current six months, revenues were $3.91 billion, 26% lower than the same period last year. The reported homebuilding operating loss was $1.12 billion for the six-month period this year versus earnings of $461 million in the same period last year.

FINANCIAL SERVICES

     Financial Services reported an operating loss of $54 million this quarter, down from earnings of $26 million in the second quarter of fiscal 2007, due principally to increased reserves for potential future losses on its mortgage loan originations. CTX Mortgage originated loans for 80% of Centex Homes’ buyers during the second quarter, equal to last year’s second quarter.

     The operating loss was $39 million for the six-month period this year, down from earnings of $49 million in the same period last year. 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 second quarter fiscal year 2008 financial results at 10 a.m. EDT (9 a.m. CDT) on Wednesday, Oct. 24. 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, 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”), 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, the effects of the current downturn in the homebuilding industry; 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; the effects of recent disruptions in the mortgage finance industry, including tightening of credit and reduction in liquidity; the availability of adequate sources of financing; and other factors that could affect demand for our homes or mortgage loans, the profitability of our operations or our access to financing. 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.

-MORE-

Centex Corporation, Page 3 of 3

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									Six Months Ended
	September 30,									September 30,
	(unaudited)									(unaudited)
	2007			2006 (C)			Change			2007			2006 (C)			Change
Revenues
Home Building (A)	$	2,105,484		$	2,658,047			(21	%)	$	3,909,304		$	5,307,884			(26	%)
Financial Services		80,700			120,578			(33	%)		178,666			243,319			(27	%)
Other		34,744			36,963			(6	%)		69,447			68,285			2	%
Total	$	2,220,928		$	2,815,588			(21	%)	$	4,157,417		$	5,619,488			(26	%)
Operating Earnings (Loss)
Home Building (A)	$	(952,693	)	$	148,735					$	(1,124,472	)	$	460,648
Financial Services		(54,082	)		26,164						(39,113	)		49,251
Other		19,622			1,268						25,756			(499	)
Total Operating Earnings (Loss)		(987,153	)		176,167						(1,137,829	)		509,400
Corporate General and Administrative Expenses (B)		(34,540	)		(44,998	)					(79,521	)		(99,768	)
Earnings (Loss) from Continuing Operations Before Income Taxes		(1,021,693	)		131,169						(1,217,350	)		409,632
Income Tax (Provision) Benefit		377,860			(50,747	)					442,182			(156,782	)
Earnings (Loss) from Continuing Operations		(643,833	)		80,422						(775,168	)		252,850
Earnings from Discontinued Operations, net		—			56,978						3,376			44,807
Net Earnings (Loss)	$	(643,833	)	$	137,400					$	(771,792	)	$	297,657
Earnings (Loss) Per Share — Basic
Continuing Operations	$	(5.26	)	$	0.67					$	(6.36	)	$	2.09
Discontinued Operations		—			0.48						0.03			0.37
Earnings (Loss) Per Share — Basic	$	(5.26	)	$	1.15					$	(6.33	)	$	2.46
Earnings (Loss) Per Share — Diluted
Continuing Operations	$	(5.26	)	$	0.65					$	(6.36	)	$	2.02
Discontinued Operations		—			0.46						0.03			0.36
Earnings (Loss) Per Share — Diluted	$	(5.26	)	$	1.11					$	(6.33	)	$	2.38
Average Shares Outstanding:
Basic		122,301,587			119,634,303						121,888,041			120,795,315
Diluted		122,301,587			123,504,535						121,888,041			124,862,624

(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)

	September 30,		March 31,
	2007		2007
Assets
Cash -
Unrestricted	$	100	$	883
Restricted		121		146
Receivables -
Residential Mortgage Loans Held for Sale		935		1,688
Other Receivables		349		228
Inventories -
Homebuilding		7,596		8,633
Land Held Under Option Agreements not Owned		140		282
Other		31		36
Investments		269		282
Property and Equipment, net		103		136
Goodwill		160		219
Deferred Charges and Other Assets		1,166		667
	$	10,970	$	13,200
Liabilities and Stockholders’ Equity
Accounts Payable and Accrued Liabilities	$	2,250	$	2,344
Debt -
Non-Financial Services		3,659		3,904
Financial Services		801		1,663
Minority Interests		96		177
Stockholders’ Equity (A)		4,164		5,112
	$	10,970	$	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									Six Months Ended
	September 30,									September 30,
	(unaudited)									(unaudited)
	2007			2006			Change			2007			2006			Change
Home Building Revenues
East	$	488,230		$	572,540			(15	%)	$	849,006		$	1,116,963			(24	%)
Southeast		260,122			382,309			(32	%)		473,979			780,091			(39	%)
Central		221,939			283,528			(22	%)		407,008			573,442			(29	%)
Texas		256,306			267,697			(4	%)		491,039			512,053			(4	%)
Northwest		395,851			536,704			(26	%)		791,376			1,041,583			(24	%)
Southwest		426,290			549,008			(22	%)		797,494			1,141,041			(30	%)
Other Home Building		56,746			66,261			(14	%)		99,402			142,711			(30	%)
Total Home Building	$	2,105,484		$	2,658,047			(21	%)	$	3,909,304		$	5,307,884			(26	%)
Home Building Operating Earnings (Loss) (A)
East	$	17,010		$	75,556					$	35,062		$	158,535
Southeast		(153,088	)		23,120						(166,105	)		83,722
Central		(52,101	)		188						(58,468	)		9,821
Texas		19,708			23,548						33,844			43,895
Northwest		(195,767	)		77,841						(227,848	)		151,131
Southwest		(480,143	)		(56,206	)					(595,743	)		(8,036	)
Other Home Building		(108,312	)		4,688						(145,214	)		21,580
Total Home Building	$	(952,693	)	$	148,735					$	(1,124,472	)	$	460,648

(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 September 30,										Six Months Ended September 30,
	2007					2006					2007					2006
Revenues — Housing	$	2,063,999		100.0	%	$	2,601,839		100.0	%	$	3,838,737		100.0	%	$	5,163,897		100.0	%
Cost of Sales — Housing		(1,741,203	)	(84.4	%)		(1,967,634	)	(75.6	%)		(3,222,554	)	(83.9	%)		(3,834,145	)	(74.2	%)
Gross Margin — Housing		322,796		15.6	%		634,205		24.4	%		616,183		16.1	%		1,329,752		25.8	%
Revenues — Land Sales & Other		41,485					56,208					70,567					143,987
Cost of Sales — Land Sales & Other		(927,239	)				(165,070	)				(1,102,806	)				(269,847	)
Gross Margin — Land Sales & Other		(885,754	)				(108,862	)				(1,032,239	)				(125,860	)
Total Gross Margin		(562,958	)	(26.7	%)		525,343		19.8	%		(416,056	)	(10.6	%)		1,203,892		22.7	%
Selling, General & Administrative (A)		(296,631	)	(14.1	%)		(375,629	)	(14.1	%)		(595,259	)	(15.2	%)		(752,933	)	(14.2	%)
Goodwill Impairment		(61,322	)	(2.9	%)		—		—	%		(61,322	)	(1.6	%)		—		—	%
Other Income (Expense) (B)		(31,782	)	(1.5	%)		(979	)	(0.1	%)		(51,835	)	(1.4	%)		9,689		0.2	%
Operating Earnings (Loss)	$	(952,693	)	(45.2	%)	$	148,735		5.6	%	$	(1,124,472	)	(28.8	%)	$	460,648		8.7	%
Units Closed		7,350					8,525					13,445					16,843
Average Unit Sales Price	$	280,816				$	305,201				$	285,514				$	306,590
% Change		(8.0	%)				2.9	%				(6.9	%)				5.1	%
Average Neighborhoods		658					692					667					680
% Change		(4.9	%)				12.5	%				(1.9	%)				11.3	%

(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 losses from unconsolidated entities of $36,840, $5,706, $62,193 and $201, respectively.

IMPAIRMENTS AND WRITE-OFFS

	Quarter Ended September 30,				Six Months Ended September 30,
	2007		2006		2007		2006
Impairment Charges	$	846,887	$	30,024	$	989,479	$	30,024
Write-offs of Land Deposits and Pre-Acquisition Costs		38,318		89,484		61,188		125,786
Goodwill Impairment		61,322		—		61,322		—
Share of Joint Venture Impairments		36,612		10,500		63,662		10,500
Total Impairments and Write-offs	$	983,139	$	130,008	$	1,175,651	$	166,310

LOT POSITION

	As of September 30,
	2007		2006		Change
Lot Owned and Controlled:
Lots Owned		92,035		109,854		(16	%)
Lots Controlled		39,480		135,749		(71	%)
Total		131,515		245,603		(46	%)

Attachment 5

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

	Closings (Units)
	Quarter Ended September 30,							Six Months Ended September 30,
	2007		2006		Change			2007		2006		Change
East		1,553		1,725		(10	%)		2,672		3,378		(21	%)
Southeast		965		1,305		(26	%)		1,681		2,498		(33	%)
Central		1,079		1,274		(15	%)		1,947		2,594		(25	%)
Texas		1,490		1,608		(7	%)		2,890		3,114		(7	%)
Northwest		1,009		1,161		(13	%)		1,996		2,251		(11	%)
Southwest		1,137		1,275		(11	%)		2,032		2,639		(23	%)
Other Home Building		117		177		(34	%)		227		369		(38	%)
		7,350		8,525		(14	%)		13,445		16,843		(20	%)

	Housing Revenues (Dollars in thousands)
	Quarter Ended September 30,							Six Months Ended September 30,
	2007		2006		Change			2007		2006		Change
East	$	474,666	$	571,021		(17	%)	$	829,539	$	1,114,994		(26	%)
Southeast		253,061		369,567		(32	%)		461,184		740,575		(38	%)
Central		220,727		278,911		(21	%)		403,747		567,176		(29	%)
Texas		252,313		254,670		(1	%)		484,704		487,848		(1	%)
Northwest		395,155		535,351		(26	%)		787,713		1,028,713		(23	%)
Southwest		423,144		538,676		(21	%)		791,075		1,113,412		(29	%)
Other Home Building		44,933		53,643		(16	%)		80,775		111,179		(27	%)
	$	2,063,999	$	2,601,839		(21	%)	$	3,838,737	$	5,163,897		(26	%)

	Sales (Orders) Backlog							Sales (Orders) Backlog
	(Units)							(Dollars in thousands)
	As of September 30,							As of September 30,
	2007		2006		Change			2007		2006		Change
East		1,575		2,461		(36	%)	$	512,869	$	791,961		(35	%)
Southeast		1,310		2,802		(53	%)		335,780		886,006		(62	%)
Central		1,677		2,003		(16	%)		330,122		415,477		(21	%)
Texas		1,832		2,619		(30	%)		310,524		413,918		(25	%)
Northwest		1,514		2,105		(28	%)		621,031		964,214		(36	%)
Southwest		1,653		2,915		(43	%)		540,387		1,311,353		(59	%)
Other Home Building		72		717		(90	%)		26,674		281,043		(91	%)
		9,633		15,622		(38	%)	$	2,677,387	$	5,063,972		(47	%)

	Sales (Orders) (Units)
	Quarter Ended September 30,							Six Months Ended September 30,
	2007		2006		Change			2007		2006		Change
East		1,117		1,217		(8	%)		2,399		2,766		(13	%)
Southeast		729		815		(11	%)		1,472		1,832		(20	%)
Central		907		1,027		(12	%)		1,880		2,335		(19	%)
Texas		1,267		1,710		(26	%)		2,702		3,544		(24	%)
Northwest		791		996		(21	%)		1,705		2,142		(20	%)
Southwest		1,085		1,052		3	%		2,182		2,381		(8	%)
Other Home Building		57		11		418	%		87		78		12	%
		5,953		6,828		(13	%)		12,427		15,078		(18	%)

Attachment 6

Centex Corporation and Subsidiaries
Supplemental Financial Services Data
(Unaudited)

CTX Mortgage Company

	Quarter Ended September 30,							Six Months Ended September 30,
	2007		2006		Change			2007		2006		Change
Originations
Builder		5,445		6,429		(15	%)		9,986		12,494		(20	%)
Retail		6,602		7,739		(15	%)		14,053		16,656		(16	%)
Total		12,047		14,168		(15	%)		24,039		29,150		(18	%)
Loan Volume (in billions)	$	2.69	$	3.36		(20	%)	$	5.46	$	6.85		(20	%)
Average Loan Size	$	223,000	$	237,000		(6	%)	$	227,000	$	234,900		(3	%)

Attachment 7

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

	As of September 30, 2007			As of March 31, 2007			As of September 30, 2006
Consolidated Debt/Capitalization (A)
Debt	$	4,460		$	5,567		$	6,255
Minority Interests		96			177			475
Less Minority Interests on Lot Options (C)		(78	)		(153	)		(443	)
Stockholders’ Equity		4,164			5,112			5,097
Capitalization		8,642			10,703			11,384
Less Unrestricted Cash		(100	)		(883	)		(48	)
Net Capitalization	$	8,542		$	9,820		$	11,336
Consolidated Debt-to-Capitalization Ratio		51.6	%		52.0	%		54.9	%
Consolidated Net Debt-to-Capitalization Ratio (D)		51.0	%		47.7	%		54.8	%
Debt/Capitalization, Excluding Financial Services (B)
Debt	$	3,659		$	3,904		$	4,455
Minority Interests		95			176			474
Less Minority Interests on Lot Options (C)		(78	)		(153	)		(443	)
Stockholders’ Equity		4,164			5,112			5,097
Capitalization		7,840			9,039			9,583
Less Unrestricted Cash		(81	)		(871	)		(42	)
Net Capitalization	$	7,759		$	8,168		$	9,541
Debt-to-Capitalization Ratio		46.7	%		43.2	%		46.5	%
Net Debt-to-Capitalization Ratio (D)		46.1	%		37.1	%		46.3	%

(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 September 30,										Six Months Ended September 30,
	2007					2006					2007					2006
HOME BUILDING
Revenues — Housing	$	2,063,999		100.0	%	$	2,601,839		100.0	%	$	3,838,737		100.0	%	$	5,163,897		100.0	%
Cost of Sales — Housing		(1,741,203	)	(84.4	%)		(1,967,634	)	(75.6	%)		(3,222,554	)	(83.9	%)		(3,834,145	)	(74.2	%)
Gross Margin — Housing		322,796		15.6	%		634,205		24.4	%		616,183		16.1	%		1,329,752		25.8	%
Selling, General & Administrative		(296,631	)	(14.3	%)		(375,629	)	(14.5	%)		(595,259	)	(15.6	%)		(752,933	)	(14.6	%)
Housing Operating Earnings (Loss) (A)		26,165		1.3	%		258,576		9.9	%		20,924		0.5	%		576,819		11.2	%
Revenues — Land Sales & Other		41,485					56,208					70,567					143,987
Cost of Sales — Land Sales & Other		(927,239	)				(165,070	)				(1,102,806	)				(269,847	)
Gross Margin — Land Sales & Other		(885,754	)				(108,862	)				(1,032,239	)				(125,860	)
Goodwill Impairment		(61,322	)				—					(61,322	)				—
Other Income (Expense)		(31,782	)				(979	)				(51,835	)				9,689
Operating Earnings (Loss)	$	(952,693	)	(45.2	%)	$	148,735		5.6	%	$	(1,124,472	)	(28.8	%)	$	460,648		8.7	%

(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

Second 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 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, the effects of the current downturn in the homebuilding industry; 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; the effects of recent disruptions in the mortgage financing industry, including tightening of credit and reduction in liquidity; the availability of adequate sources of financing; 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 extremely difficult, but Centex is resolute Mortgage lending disruptions and challenged affordability continue to pressure prices Consistent strategy provides confidence in uncertain environment Strong balance sheet Experienced leadership

Actions aligned with strategy Selling homes, minimizing inventory Structuring for profitability Reducing land position Generating cash and enhancing balance-sheet flexibility Aggressively attacking costs

Near-term actions enhance long-term vision 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

Second quarter commentary Sales rates still weak and inconsistent Discounts and incentives at historically high levels Continued to reduce supply of land and unsold inventory Total lots owned and controlled continue to decrease Unsold inventory down 28% year-over-year 1.5 completed spec per nbhd, down from 3 at peak Cancellation rate increased 420 bps sequentially to 35.4%

Q2 Homebuilding Operations Revenues down 21% to $2.11 billion Closings down 14% to 7,350 homes Average selling price decreased 8% to $280,816 Sales incentives and discounts reduced margins Discounts and incentives up 440 bps year over year Housing gross margin 15.6% SG&A expenses 14.3% of housing revenues, flat with last year Backlog 5,953 sales (orders), down 13% 9,633 units, down 38% $2.7 billion, down 47%

East 1,117 -8% 1,553 -10% Southeast 729 -11% 965 -26% Central 907 -12% 1,079 -15% Texas 1,267 -26% 1,490 -7% Northwest 791 -21% 1,009 -13% Southwest 1,085 +3% 1,137 -11% Other 57 nmf 117 -34% Total 5,953 -13% 7,350 -14% Homebuilding: Q2 Sales and Closings Sales % Chg Closings % Chg For the Quarter Ended September 30, 2007 nmf = not meaningful figure

Cost reductions and cash flow Homebuilding SG&A reduced by 21% or almost $80 million year-over year Overhead per closing fell by 17% Pursuing an advantaged cost structure Simplifying, standardizing, consolidating Expect to generate about $500 million in cash flow from operations for the full year

Financial services Simplifying product offerings Utilizing more traditional funding structure Right-sizing retail operations Expecting to restore profitability by fiscal year end

Key Messages Market conditions remain difficult Actions aligned with consistent strategy Today's actions will enhance future results

Questions and Answers