Homebuilder Lennar Corporation (LEN) on Wednesday posted lower-than-expected fourth quarter earnings, although its home orders and backlog rose.
The Miami-based company reported $30.3 million, or 16 cents per share, compared with $32 million, or 17 cents per share, in the year-ago period.
Revenue rose 11% from last year to $952.7 million.
On average, Wall Street analysts expected a slightly higher profit of 17 cents per share, albeit on much lower revenue of $874.6 million.
On a positive note, LEN said that new home orders rose 20%, while its backlog of home jumped 35%.
Lennar shares posted small losses in premarket trading Wednesday.
The Bottom Line
Shares of Lennar (LEN) have a .77% dividend yield, based on last night’s closing stock price of $20.76. The stock has technical support in the $17-$18 price area. If the shares can firm up, we see overhead resistance around the $24 price level.
Lennar Corporation (LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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