Lennar misses 4Q profit forecasts

MarketsAssociated Press

Lennar Corp. (LEN) on Wednesday reported fiscal fourth-quarter net income of $309.6 million.

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The Miami-based company said it had profit of $1.29 per share.

The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.50 per share.

The homebuilder posted revenue of $3.79 billion in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $3.62 billion.

For the year, the company reported profit of $810.5 million, or $3.38 per share. Revenue was reported as $12.65 billion.

Lennar shares have climbed slightly more than 5 percent since the beginning of the year, while the Standard & Poor's 500 index has risen almost 3 percent. The stock has climbed 53 percent in the last 12 months.

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