Lennar stock rises more than 2% after Q1 profit tops views
Lennar Corp. shares rose more than 2% in the extended session Wednesday after the home builder reported first-quarter profit that topped Wall Street expectations and said its "strong sales" reflected ongoing strength in the housing market. Lennar said it earned $503.6 million, or $1.69 a share, in the first quarter, compared with $1 billion, or $3.20 a share, in the year-ago quarter. Adjusted for one-time items, Lennar earned $2.70 a share. Revenue rose 16% to $6.2 billion. Analysts polled by FactSet expected Lennar to report adjusted EPS of $2.60 on revenue of $2.6 billion. "Our sales pace remained strong and consistent throughout the quarter, while strong traffic to our welcome home centers and website suggests that demand remains strong for the foreseeable future," Chairman Steve Miller said in a statement. Margins were strong even as materials costs and wages have increased, he said. Deliveries were "constrained" by supply-chain disruptions but were in line with the guidance given at the beginning of the quarter, he said.
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