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The 68 cent-per-share profit came from a one-time $410 million tax benefit, the company said Monday.
Without the tax benefit, Centex would have lost $322 million, compared with a $182 million loss from continuing operations a year ago.
Centex said its revenue for the just-completed quarter was down 49 percent to $574 million.
Centex shareholders are to vote on Aug. 18 on the company's pending merger with Pulte Corp. The combination of the two firms, which has been in the works for several months, is valued at $3.1 billion.
Centex said it closed 2,297 home sales in the quarter that ended in June -- down 42 percent from the same period last year. The builder said its average sales price declined by 10 percent to $237,085.
The company's core homebuilding division had an operating loss of $240 million. Most of that was from write-offs and one-time charges.
Under terms of the merger agreement, Centex shareholders will receive 0.975 shares of Pulte common stock for each share of Centex stock.
After the merger is completed, most of Centex's administrative operations in Dallas will be closed or combined with existing Pulte offices.
Centex stock closed on Monday -- before the earnings release -- at $11.32 per share, up 41 cents for the day's trading.
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