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Wednesday, April 7, 2010 as of 11:14 AM ET

Stuart A. Miller

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    Lennar 1Q Sales Rise Sharpest in Four Years

    Shares of Lennar (NYSE:LEN) surged 4% to a new 52-week high Tuesday morning after the homebuilder revealed first-quarter profit that topped Wall Street expectations as the appetite to buy homes started to rebound.

    The Miami-based company said it earned $15 million, or 8 cents a share, during the period, compared with $27.4 million, or 14 cents. The year-earlier quarter reflected a $37.5 million litigation award.Lennar booked its strongest first-quarter sales since 2008, as low prices and interest mixed with higher incentives to boost demand.  Revenue for the three months ended Feb. 29 was up 30% to $724.9 million, reflecting 33% and 29% improvements in new orders and deliveries, respectively.Analysts in a Thomson Reuters poll were looking for a profit of 4 cents a share on sales of $699.3 million.“We have seen the market stabilize, driven by a combination of low home prices and low interest rates, making the decision to purchase a new home more attractive, compared to the heated rental ...

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    1. Lennar 3Q Earnings Beat Wall Street Despite Expiration of Homebuyer Tax Credit

      Lennar ( LEN ) traded higher Monday after reporting third-quarter earnings that widely beat expectations, as home sales prevailed despite the expiration of the homeb...

    2. Lennar quarterly profit beats, orders down 15 pct

      By Helen ChernikoffNEW YORK (Reuters) - Lennar Corp <LEN.N> reporteda higher-than-expected quarterly profit and a decline in ordersthat was less severe than Wall Str...

    3. Lennar quarterly profit beats, but new orders fall

      By Helen ChernikoffNEW YORK (Reuters) - Lennar Corp <LEN.N> reporteda higher-than-expected quarterly profit as the No. 3 U.S.homebuilder benefited from orders placed...

    4. Lennar Narrows 1Q Loss; Backlog Up

      Lennar (LEN) said Wednesday it reduced its fiscal first-quarter loss further than Wall Street had been hoping for, sending the home builder’s stock jumping more than...

    1. Lennar Sparks Rally In Homebuilding Stocks

      Investors bid up Lennar and other U.S. homebuilders Tuesday, with Lennar gaining 4% to $27.52 in early trades after its CEO said the market is stabilizing. Lennar re...

    2. Lennar Net Off On Year-ago Gain; Margins Widen

      Lennar Corp. reported on Tuesday that fiscal-first-quarter net income fell 45% because of a year-earlier gain but said operating-profit margins in homebuilding were ...

    3. Lennar Profits Shrink, But New Orders Climb 20%

      Lennar (NYSE:LEN) suffered a 5.5% slip in fourth-quarter profits, but the large U.S. homebuilder revealed encouraging improvements in sales and new orders.The Miami-...

    4. Lennar Posts 1Q Profit Despite Weak Home Sales

      Despite softer home sales, Lennar (NYSE:LEN) revealed on Tuesday a first-quarter profit over a year ago loss on improvements in its distressed real estate business. ...

    5. Ponzi schemer charged with insider trading

      MIAMI (Reuters) - Barry Minkow, an audacious former Ponzi scheme swindler who claimed to have cleaned up his act, was charged on Thursday with insider trading in sha...

    6. Lennar to Acquire $740M of Distressed Real Estate

      Lennar ( LEN ) has acquired $740 million of distressed real estate from three large financial institutions in an effort to expand investment opportunities as banks a...

    7. Lennar profit beats, orders down less than feared

      By Helen ChernikoffNEW YORK (Reuters) - Lennar Corp, the third-biggest homebuilder in the United States, reported a higher-than-expected quarterly profit and a decli...

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