Lennar Corporation (NYSE:LEN) earnings for the home construction and real estate company’s fourth quarter of 2019 have LEN stock up on Wednesday. This is thanks to its diluted per-share earnings of $2.13, which is better than Wall Street’s estimate of $1.90. Revenue of $6.97 billion also helps by beating analysts’ estimates of $6.55 billion.
Here are some additional highlights from the current Lennar Corporation earnings report.
- Diluted earnings per share are down 11.62% from $2.41 in the fourth quarter of 2018.
- Revenue is sitting 7.90% higher than $6.46 billion in the same period of the year prior.
- The Lennar Corporation earnings report also includes a net income of $647.30 million.
- That’s an 18.70% drop when compared to the company’s net income of $796.15 million in Q4 2018.
Stuart Miller, Executive Chairman of Lennar Corporation, has this to say about the LEN stock earnings.
“Our fourth quarter showcased our company hitting on all cylinders as our operations continued to improve cash flows and returns. We made significant progress towards becoming a land lighter company by reducing our years owned supply of homesites to 4.1 years at year-end from 4.4 years at the end of the third quarter and increasing our controlled homesites as a percentage of our total homesites to 33% from 30% during the fourth quarter.”
The Lennar Corporation earnings report also includes its outlook for 2020. It expects home deliveries in the year to range from 54,000 to 55,000. To go along with this is homebuilding gross margin percentage guidance between 20.50% and 21%.
LEN stock was up 1.89% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.