Lennar 3Q profit rises on home demand

MarketsAssociated Press

Demand for homes boosted Lennar Corp.'s third-quarter revenue and profit, topping Wall Street expectations.

Shares rose 4 percent before regular trading Tuesday, following the results.

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The Miami-based homebuilder said profit rose 5.6 percent to $249.2 million, or $1.06 per share. Revenue surged 15 percent to $3.26 billion. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share, while five analysts surveyed by Zacks expected $3.22 billion in revenue.

Deliveries of new homes rose 12 percent during the quarter, while new orders jumped 8 percent. The value of those new orders rose 14 percent to $2.9 billion.

"These results were supported by strong demand for homes, low unemployment, favorable interest rates and increased consumer confidence which are all signs of a very healthy homebuilding market," said CEO Stuart Miller.

Lennar shares have risen 23 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 13 percent. The stock has risen 25 percent in the last 12 months.


Elements of this story were generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on LEN at https://www.zacks.com/ap/LEN


Keywords: Lennar, Earnings Report