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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Lennar Corp | NYSE:LEN | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 8.52 | 5.25% | 170.85 | 171.27 | 165.67 | 165.78 | 2,443,549 | 01:00:00 |
From May 2019 to May 2024
Home builder Lennar Corp. on Wednesday said profit rose 33% in its latest quarter, as the continuing recovery in the housing market led to an increase in deliveries and higher prices.
Chief Executive Stuart Miller credited the much better-than-expected results to the improving home-building market, buoyed by a better employment picture, reasonable affordability levels, supply shortages and favorable monthly payment comparisons to rentals.
Deliveries during the quarter jumped 20% to 5,989 homes, while the average sale price of homes delivered increased 8.1% to $348,000.
New orders, considered an indicator of a builder's future performance, soared 18% to 7,271 homes. Analysts at RBC projected an 8.5% year-over-year increase to 6,709 homes. The average sales price rose 8.1% to $348,000.
Like others in the industry, Lennar has been ramping up incentives to drive sales. In the quarter ended in May, Lennar boosted its average sales incentive by 5.9% to $21,500 for each home it closed on in the period.
Gross margin on home sales contracted to 23.8% from 25.5%, which the company attributed to higher land costs. Lennar said the increase in the average sales price helped offset that effect.
Overall for the May quarter, Lennar reported a profit of $183 million, or 79 cents a share, up from $137.7 million, or 61 cents a share, a year earlier.
Revenue grew 32% to $2.39 billion.
Analysts polled by Thomson Reuters were expecting 64 cents in per-share profit on $2 billion in revenue.
Shares in Lennar, up about 9% this year, were inactive premarket.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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