Lennar Beats Profit And Sales Expectations As Home Deliveries Increase

Shares of Lennar Corp. were indicated up nearly 1% in premarket trade Tuesday, after the home builder beat fiscal first-quarter profit and sales expectation. Net income for the quarter to Feb. 28 fell to $130.8 million, or 56 cents a share, from $144.1 million, or 63 cents a share, in the same period a year ago, but was above the FactSet earnings-per-share consensus of 55 cents. Revenue grew to $2.34 billion from $1.99 billion, beating the FactSet consensus of $2.14 billion, as homebuilding revenue of $2.02 billion topped expectations of $1.95 billion. Home deliveries increased to 5,433 from 4,806. The average sales price of $365,000 was about the same as last year, while incentives offered to homebuyers rose to $22,700 per home from $21,600. The stock has soared 27% year to date through Monday, while the SPDR S&P Homebuilder ETF has climbed 10% and the S&P 500 has gained 6%.