Home builder Lennar Corporation (LEN) on Monday posted third quarter earnings results that beat Wall Street expectations, helped by higher home deliveries and a one-time tax benefit.
The Miami-based company reported third quarter net income of $87.1 million, or 40 cents per share, compared with $20.7 million, or 11 cents per share, in the year-ago period.
Revenue rose 34% from last year to $1.1 billion.
On average, Wall Street analysts expected a smaller profit of 28 cents per share, on lower revenue of $1.05 billion.
LEN also noted that home orders rose 44% in the period, while its backlog jumped 79% from last year.
Lennar shares rose 79 cents, or +2.1%, in premarket trading Monday.
The Bottom Line
Shares of Lennar (LEN) have a .43% dividend yield, based on Friday’s closing stock price of $37.51. The stock has technical support in the $32-$33 price area. If the shares can firm up, we see overhead resistance around the $42 price level.
Lennar Corporation (LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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