Homebuilder Lennar Corporation (LEN) on Monday said its fiscal third quarter earnings plunged 31% from last year, as fewer home deliveries ate into its profits.
The Miami-based company reported third quarter net income of $20.7 million, or 11 cents per share, compared with $30 million, or 16 cents per share, in the year-ago period.
Revenue fell 1% from last year to $820.2 million.
On average, Wall Street analysts expected a matching profit of 11 cents per share, albeit on smaller revenue of $794.4 million.
Lennar shares rose 8 cents, or +0.6%, in premarket trading Monday.
The Bottom Line
Shares of Lennar Corporation (LEN) have a 1.16% dividend yield, based on Friday’s closing stock price of $13.80. The stock has technical support in the $10 price area. If the shares can firm up, we see overhead resistance around the $13 price level.
Lennar Corporation (LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here