Lennar earnings for the second quarter of 2019 are out and LEN stock is down on Tuesday.

Source: Shutterstock

Here are some highlights for investors from Lennar’s (NYSE:LEN) most recent earnings report.

• The Lennar earnings report starts off with earnings per share of $1.30 for the second quarter of 2019.
• This is an increase over the company’s earnings per share of 94 cents from the same time last year.
• It also beat out Wall Street’s earnings per share estimate of $1.14 for the quarter, but couldn’t stop LEN stock from dropping today.
• Revenue reported in the Lennar earnings release for the second quarter of 2019 comes in at $5.56 billion.
• This is better than the company’s revenue of $5.46 billion reported in the second quarter of 2018.
• It also comes in above analysts’ revenue estimate of $5.10 billion for the period, but that wasn’t helping LEN stock today.
• The Lennar earnings report for the second quarter of the year also includes net income of $421.47 million.
• This is up from the company’s net income of $310.26 million reported in the same period of the year prior.

“Accordingly, through the second quarter, the homebuying market solidified and was supported by favorable underlying fundamentals,” Stuart Miller, Executive Chairman of Lennar, said in a statement. “Against that backdrop, our new orders and deliveries in the second quarter gained momentum and improved 1% and 5%, respectively, over last year.”

LEN stock started out out 3% Tuesday morning. However, LEN stock is now down 5% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.