Categories AlphaGraphs, Consumer, Earnings

Lennar Corp reports strong Q4 earnings, defers guidance

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.

Lennar Q4 2018 earnings snapshot

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.”

Homebuilding, CalAtlantic merger boost Lennar’s Q3 results

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

Stock Watch: Is Darden Restaurants a good buy after earnings?

After a prolonged slowdown, the restaurant industry is returning to normal patterns but macroeconomic uncertainties and high inflation are currently playing spoilsport for it. While the pandemic-related slump forced many

Lennar (LEN) believes that despite near-term challenges, the long-term prospects for housing remain strong

Shares of Lennar Corporation (NYSE: LEN) were down 3% on Monday. The stock has dropped 36% year-to-date and 25% over the past 12 months. The homebuilder delivered mixed results for

KB Home (KBH): What did and did not work for the homebuilder in the third quarter

Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top