Homebuilder, Lennar Corporation(LEN) reported increased earnings on Tuesday, beating analysts estimates.
The Miami, FL based company reported fourth quarter revenue of $124.3 million, or 56 cents per share, up 75% from last years earnings of $30.3 million, or 16 cents per share. Analysts expected to see earnings of 44 cents per share.
The company reported a 42% increase in revenue for the quarter, coming in at $1.3 billion, but falling slightly short of analysts estimates of $1.31 billion.
This quarter marks the seventh straight increase in home orders, which may a sign the housing market is recovering. Low interest rates have caused the housing market to recover slowly, and as home prices begin to raise, homebuilders like LEN are beginning to build more houses.
LEN’s housing delivers increased by 32% in the fourth quarter. The company delivered 4,443 houses, with an average selling price of $261,000.
Lennar shares were mostly flat during premarket trading Tuesday. The stock has increased 86% in the past year.
The Bottom Line
Shares of Lennar Corp (LEN) have a .39% dividend yield, based on last night’s closing stock price of $41.02. The stock has technical support in the $35 price area. If the shares can firm up, we see overhead resistance around the $43-$46 price levels.
Lennar Corporation(LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 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 Six Financial
Postage Rates Bots go here