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Lennar's stock drops after earnings, revenue and home deliveries miss expectations
Lennar's stock drops after earnings, revenue and home deliveries miss expectations
Shares of Lennar Corp. fell 1.1% in premarket trade Wednesday, after the home builder reported fiscal first-quarter profit, revenue and deliveries that missed expectations, citing weather issues. Net income for the quarter to Feb. 28 rose to $239.9 million, or 74 cents a share, from $136.2 million, or 53 cents a share, in the year-ago period. The FactSet EPS consensus was 75 cents. Total revenue rose 30% to $3.87 billion but was below the FactSet consensus of $4.04 billion, as homebuilding revenue growth of 36% to $3.62 billion missed expectations of $3.81 billion. Deliveries increased 30% to 8,820 homes, below the FactSet consensus of 9,347, while the average price of home delivered rose 4.3% to $410,000 to beat expectations of $408,030. New orders increased 24% to 10,463 homes, topping the FactSet consensus of 9,972, while the average sales price fell 2.5% to $397,000 from $398,000, versus expectations of a rise to $399,350. Lennar's stock has soared 27.0% year to date through Tuesday, while the SPDR S&P Homebuilders ETF has rallied 17.5% and the S&P 500 has gained 12.4%.
https://finance.yahoo.com/m/e6d8083...0f71d/lennar's-stock-drops.html?.tsrc=rss
Lennar's stock drops after earnings, revenue and home deliveries miss expectations
Shares of Lennar Corp. fell 1.1% in premarket trade Wednesday, after the home builder reported fiscal first-quarter profit, revenue and deliveries that missed expectations, citing weather issues. Net income for the quarter to Feb. 28 rose to $239.9 million, or 74 cents a share, from $136.2 million, or 53 cents a share, in the year-ago period. The FactSet EPS consensus was 75 cents. Total revenue rose 30% to $3.87 billion but was below the FactSet consensus of $4.04 billion, as homebuilding revenue growth of 36% to $3.62 billion missed expectations of $3.81 billion. Deliveries increased 30% to 8,820 homes, below the FactSet consensus of 9,347, while the average price of home delivered rose 4.3% to $410,000 to beat expectations of $408,030. New orders increased 24% to 10,463 homes, topping the FactSet consensus of 9,972, while the average sales price fell 2.5% to $397,000 from $398,000, versus expectations of a rise to $399,350. Lennar's stock has soared 27.0% year to date through Tuesday, while the SPDR S&P Homebuilders ETF has rallied 17.5% and the S&P 500 has gained 12.4%.
https://finance.yahoo.com/m/e6d8083...0f71d/lennar's-stock-drops.html?.tsrc=rss
