UPDATE: Lennar Posts Upbeat FQ2 Earnings
Lennar (NYSE: LEN) reported better-than-expected fiscal second-quarter earnings.
Lennar's quarterly profit gained to $137.7 million, from a year-ago profit of $137.4 million. On a per-share basis, its earnings came in flat at $0.61 per share.
Its revenue climbed 27% to $1.82 billion. However, analysts were projecting a profit of $0.51 per share on revenue of $1.68 billion.
Lennar's deliveries increased 12% to 4,987 homes, while the average sale price of homes delivered surged 14%. New orders surged around 8% to 6,183 homes.
Revenue from Lennar's home-building segment surged 29% to $1.63 billion.
Operating earnings for the company's home-building segment jumped 47% to $234.5 million, while operating earnings for its financial services division declined 37% to $18.3 million.
Operating earnings for the Rialto Investments segment surged to $13.4 million in the quarter from $2.8 million, while operating loss for the Lennar Multifamily segment came in at $7.2 million versus $1.4 million.
Stuart Miller, Chief Executive Officer of Lennar, said, "We are extremely pleased with our operating results in the second quarter. Our core homebuilding business is hitting on all cylinders.”
Lennar shares gained 1.16% to $42.00 in pre-market trading.
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