Lennar's Profit And Sales Rise Above Expectations

By Tomi KilgoreMarketsMarketWatch Pulse

Lennar Corp. reported fiscal fourth-quarter earnings that rose to $313.5 million, or $1.34 a share, from $281.6 million, or $1.21 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.28. Revenue climbed to $3.38 billion from $2.95 billion, beating the FactSet consensus of $3.30 billion, as total homebuilding revenue of of $3.01 met expectations while financial services revenue of $195.9 million beat expectations of $189.3 million."With the anticipation of a new president focusing on accelerating economic growth, we believe that our fortified balance sheet, our diversified business model and our refined product offerings, will continue to hold us in good stead in a high-growth economy, despite the potential of moderately rising interest rates over the next several years," said Chief Executive Stuart Miller. The stock, which was still inactive in premarket trade, has lost 11.2% year to date, while the iShares U.S. Home Construction ETF has gained 3.3% and the S&P 500 has climbed 10.5%.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below