Lennar stock was down on Wednesday despite reporting an earnings beat for the third quarter of 2018.
During the third quarter of the year, Lennar (NYSE:LEN) reported earnings per share of $1.61. This is an increase over the company’s earnings per share of $1.06 from the same time last year. It also beat out Wall Street’s earnings per share estimate of $1.19 for the period, but couldn’t keep Lennar stock from falling today.
Net income reported by Lennar Stock for the third quarter of 2018 came in at $453.21 million. The company’s net income from the third quarter of 2017 was $249.17 million.
Lennar’s earnings report for the second quarter of the year also includes revenue of $5.67 billion. This is better than the home builder company’s revenue of $3.26 billion reported in the same period of the year prior. It also comes in above analysts’ revenue estimate of $5.64 billion for the quarter, but wasn’t enough to keep Lennar stock from falling.
“With a solid balance sheet, strong cash flow generation and continued execution of our core operating strategies, we believe that we are very well positioned to continue our strong performance as we head towards the end of 2018 and into 2019,” Stuart Miller, Executive Chairman of Lennar, said in a statement.
All of that sounds like great news for Lennar stock. So why exactly is it down today. Well, the stock started out down today before seeing a peak increase of 1%. However, the stock is now down 1% as of noon Wednesday from its closing price yesterday. It appears that heavy trading of the stock on the solid earnings report is keeping the stock down.
As of this writing, William White did not hold a position in any of the aforementioned securities.
