Helped by a 9% increase in the average sales price of homes, Lennar Corp (LEN) reported fourth-quarter earnings that surpassed analysts’ estimate. The company reported adjusted earnings of $1.96 per share, compared to $1.91 per share expected by analysts.
On a reported basis, earnings for the quarter to $796.1 million, or $2.42 per share, from $309.6 million, or $1.29 per share a year ago.
Revenue was roughly in line with the street estimate at $6.5 billion, a 71% jump from the year-over period. Revenues from home sales jumped 79% to $6 billion as deliveries improved 64% to 14,154 homes. Meanwhile, new orders were up 44% to 10,611 homes.
LEN shares were slightly up during pre-market trading on Wednesday. The stock has tumbled 35% in the past one year.
COO Jon Jaffe said, “During the fourth quarter, we completed all aspects of the CalAtlantic integration, which now allows us to operate under one platform leading to even greater efficiencies in all parts of our business. In addition, we exceeded our previously announced 2018 synergies and are on target to meet the 2019 synergies.”
Meanwhile, Executive Chairman Stuart Miller said they are deferring guidance for the fiscal year 2019 due to continued softness and uncertainty at this seasonally slower time of year.
Rival homebuilder KB Home (KBH) is set to report earnings after the closing bell on Wednesday, while Toll Brothers (TOL) will report quarterly results on January 25.
Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text
Most Popular
AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard