Lennar Corporation (NYSE:LEN) stock was soaring today following the release of its earnings report for the first quarter of 2018.
Lennar Corporation reported earnings per share of $1.11 for the first quarter of the year. This is an increase over its earnings per share of 16 cents from the same time last year. It was also a boon to LEN stock by easily beating out Wall Street’s earnings per share estimate of 77 cents for the period.
Net income reported by Lennar Corporation for the first quarter of 2018 was $136.22 million. This is up from its net income of $38.08 million that was reported in the same period of the year prior. The homebuilder also notes that it suffered a charge of $68.6 million during the quarter from recent tax reform laws in the U.S.
During the first quarter of the year, Lennar Corporation reported revenue of $2.98 billion. This is up 28% from its revenue of $2.34 billion that was reported in the first quarter of 2017. It was also good news for LEN stock by coming in above analysts’ revenue estimate of $2.65 billion for the quarter.
According to Lennar Corporation, its strong revenue increase for the first quarter of 2018 was due to a couple of things. The first was it selling 24% more homes during the quarter than in the first quarter of 2017. It also said that the average price of homes sold during the quarter was up 8% from the same quarter of the previous year.
LEN stock was up 6% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
