Lennar sees 'resilient' housing market being 'significant driver' of jobs, economic rebound
Home builder said it would reinstate forecast for 2020 fiscal year
Lennar Corp. said it would reinstate its forecast for its 2020 fiscal year, describing the housing market as resilient in the face of the economic recession forecasters said started in February.
The home builder now expects to deliver 50,500 to 51,000 homes for the year, and generate a gross margin for home sales of 21.5% as well as a net margin for home sales of about 13%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LEN | LENNAR CORP. | 154.05 | -1.61 | -1.03% |
"While many parts of the economy are still waiting to open and rebound, the housing market has proven to be resilient in the current environment. We expect this trend to continue and for housing to be a significant driver of employment and rebound for the broader economy," Lennar Executive Chairman Stuart Miller said in a statement.
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For its fiscal third and fourth quarters, Lennar expects at least 24,800 new home orders.