Lennar Posts Double Digit Gains in New Orders, Backlog
June 21 2016 - 7:30AM
Dow Jones News
Home builder Lennar Corp. posted another quarter of double-digit
percentage gains in key metrics as the recovery in the U.S. home
market continues.
The company's earnings and revenue also beat analysts'
marks.
On Monday, Chief Executive Stuart Miller said the "home-building
market continued its slow and steady recovery sustained by low
interest rates, modest wage growth, positive consumer confidence
and low unemployment levels combined with tight inventory
levels."
Miami-based Lennar, one of the largest U.S. home builders by
houses constructed, said revenue rose as both the number and
average price of delivered homes increased. The number of
deliveries rose 12% for the second quarter from a year before as
the average price of a delivered home increased 4.0% to
$364,000.
The number of new orders increased 9.5% and backlogs increased
12%.
The company's results were hurt by its Houston segment whose
large energy sector has been challenged by low energy prices in
recent quarters.
Lennar reported a profit for the three months ended May 31 of
$218.5 million, or 95 cents a share, up from $183.1 million, or 79
cents a share, a year prior. Revenue grew 15% to $2.75 billion.
Analysts polled by Thomson Reuters projected 86 cents in
per-share profit on $2.53 billion in revenue.
Shares in the company, down 1.3% in the past three months, rose
0.7% in premarket trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
June 21, 2016 07:15 ET (11:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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