Lennar (NYSE:LEN) stock was up on Tuesday following the release of its earnings report for the second quarter of 2018.
Lennar reported earnings per share of $1.58 for the second quarter of the year. This is much better than its earnings per share of 91 cents from the same period of the year prior. It also easily beat out Wall Street’s earnings per share estimate of 91 cents for the quarter, making it a boon to LEN stock.
During the second quarter of 2018, Lennar reported net income of $310.26 million. This is in improvement over the company’s net income of $216.65 million that was reported in the second quarter of 2017.
Operating income reported by Lennar for the second quarter of the year came in at $499.60 million. The home construction and real estate company reported operating income of $376.37 million for the same time last year.
Lennar’s revenue for the second quarter of 2018 was $5.46 billion. This is in increase over its revenue of $3.26 billion that was reported by it in the second quarter of the previous year. It was also good news for LEN stock by coming in above analysts’ revenue estimate of $5.11 billion for the period.
Lennar notes that part of the reason for its strong earnings report in the second quarter of the year was due to tax reform in the U.S. The company says that it is expecting its tax rate for the year to be 24%. In comparison, LEN’s tax rate for the 2017 year was 34%.
LEN stock was up 6% as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
