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Lennar’s Q3 Profits Rocket Up 320%

Strong demand, higher prices bolster LEN revenues


The housing sector got its second impressive earnings report in as many days Monday morning, when Lennar (NYSE:LEN) announced profits that more than quadrupled for its fiscal third quarter.

For Q3, Lennar earned $87.1 million (40 cents per share), an astounding 320% better than year-ago profits of $20.7 million (11 cents per share), and far above analyst EPS expectations of 28 cents.

The earnings strength came amid strong demand, with new orders up 44% to 4,198 homes, as well as an increase in home-sales prices from $247,000 to $258,000. That resulted in a 34% boost in revenues to $1.1 billion.

The report comes one trading day after KB Home (NYSE:KBH) swung to a profit in its third quarter following two consecutive periods of losses.

LEN was trading up 2% in pre-market trading Monday.

— Kyle Woodley, InvestorPlace Assistant Editor

Article printed from InvestorPlace Media,

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