Lennar Earnings: The Housing Recovery Strengthens
Lennar Corp. (NYSE:LEN) built a bigger profit in the latest quarter and topped Wall Street’s expectations. The top-line and bottom-line growth delivered by the company to shareholders is a strong indicator of a sustained housing recovery. Shares are flat.
Lennar Corp. Earnings Cheat Sheet
Results: Net income increased 310.5% to $124.3 million in the quarter versus a net gain of $30.28 million in the year-earlier quarter.
Revenue: Jumped to $1.35 billion from $952.7 million in the year-earlier quarter.
Actual vs. Wall St. Expectations: Lennar Corp. reported adjusted net income of 56 cents per share. By that measure, the company beat the mean analyst estimate of $0.44. It beat the average revenue estimate of 1.26 billion – $1.31 billion.