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Before Thursday’s opening bell, Lennar Corporation (LEN ) reported higher financial results for the first quarter, which came in above analysts’ views.
LEN’s Earnings in Brief
- LEN reported net income of $114.96 million, or 50 cents per share, up from $78.12 million, or 35 cents per share, a year ago.
- Revenue for the quarter increased 21% to $1.64 billion from $1.36 billion last year.
- On average, analysts expected to see EPS of 45 cents and $1.50 billion in revenue.
- New home deliveries rose to 4,301 homes, compared to 3,597 homes delivered last year.
CEO Commentary
LEN’s CEO Stuart Miller commented: “Despite severe weather conditions which constrained production and sales in parts of the country, the housing market continued its slow and steady recovery.”
“Early signals from this year’s spring selling season indicate that the housing market is improving.”
LEN’s Dividend
LEN paid its last 4 cent dividend on February 12. We expect the company to declare its next dividend in April.
Stock Performance
Shares of LEN were up 93 cents, or 1.87% during premarket trading Thursday. The stock is up 10.96% YTD.
The Bottom Line
Lennar (LEN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
