Lennar posts 4Q profit, results beat Street expectations

MarketsAssociated Press

MIAMI (AP) — Lennar Corp. (LEN) on Thursday reported fiscal fourth-quarter profit rose by 52 percent to $245.3 million.

On a per-share basis, the Miami-based company said it had profit of $1.07.

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The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 97 cents per share.

The homebuilder posted revenue of $2.58 billion in the period, also exceeding Street forecasts. Analysts expected $2.55 billion, according to Zacks.

For the year, the company said profit rose 35 percent to $638.9 million, or $2.80 per share. Revenue rose 31 percent to $7.78 billion.

Lennar shares have risen 2 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen slightly more than 2 percent. The stock has risen 20 percent in the last 12 months.

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

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Keywords: Lennar, Earnings Report