Lennar shares rise premarket after earnings beat views
Homebuilder Lennar Corp. on Tuesday reported earnings ahead of estimates as orders of new homes jumped 10% in the second quarter. Profit rose to $218.5 million, or 95 cents a share, from $183 million, or 79 cents a share, in the second quarter last year. Revenue climbed 15% to $2.75 billion from $2.39 billion in the year-ago period. Analysts surveyed by FactSet expected earnings of 87 cents a share on revenue of $2.6 billion. "With a strong balance sheet, a backlog of homes with a value of $3.3 billion and a solid strategy in our core and ancillary businesses, we are well positioned to continue our strong performance for 2016," said Stuart Miller, Lennar's chief executive, in the earnings statement. Shares were up 0.7% in premarket.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.