Lennar Says Housing Recovery Happening — Slowly; Q2 Earnings Surge, Beating View (LEN)
Home builder Lennar Corporation (LEN) on Wednesday posted second quarter earnings that beat Wall Street expectations, noting that a slow and steady housing recovery seems to be under way.
The Miami-based company reported second quarter net income of $452.7 million, or $2.06 per share, compared with $13.8 million, or 7 cents per share, in the year-ago period. Excluding special items, adjusted profit was 21 cents per share.
Revenue jumped 22% from last year to $930.2 million.
On average, Wall Street analysts expected a smaller profit of 17 cents per share, on lower revenue of $885.7 million.
Lennar shares rose $1.11, or +4.1%, in premarket trading Wednesday.
The Bottom Line
Shares of Lennar Corporation (LEN) have a .58% dividend yield, based on last night’s closing stock price of $27.39. The stock has technical support in the $24 price area. If the shares can firm up, we see overhead resistance around the $28-$30 price levels.
Lennar Corporation (LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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