: Lennar stock rises after earnings, forecast beat


Lennar Corp. LEN, +1.83% shares rose in the extended session Tuesday after the homebuilder’s quarterly results and forecast topped Wall Street estimates. Lennar shares rose 3% after hours, following a 1.3% rise in the regular session to close at $100.77. The company reported fiscal first-quarter net income of $596.5 million, or $2.06 a share, compared with $503.6 million, or $1.69 a share, in the year-ago period. Revenue rose to $6.49 billion from $6.2 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast $1.55 a share on revenue of $5.91 billion. “During the quarter, we saw a generally strong economy at the intersection of high inflation and strong employment numbers, while the housing market continued down a winding road of trying to find its footing,” said Stuart Miller, Lennar chairman, in a statement. “In December, interest rates and sticker shock continued to constrain sales activity, while in January and early February, lower interest rates energized sales. In late February, a spike in interest rates impacted website and community traffic and had a slight impact on sales.” Home deliveries rose 9% from a year ago to 13,659, while analysts were forecasting 12,569. Lennar said it expects to deliver 15,000 to 16,000 homes in the fiscal second quarter, and 62,000 to 66,000 in 2023. Analysts, on average, had forecast 13,938 for the quarter, and 60,241 for the year.

This article was originally published by Marketwatch.com. Read the original article here.

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