Lennar Earnings: LEN Stock Leaps 2% Higher on Q1 Earnings Topper

Lennar (NYSE:LEN) earnings for fiscal first quarter of 2020 have LEN stock heading higher Thursday. This is thanks to its diluted earnings per share (EPS) of $1.27, which comes in above Wall Street’s estimate of 84 cents. The real estate and home construction company’s revenue of $4.51 billion also blows past analysts’ estimates of $4.16 billion.

Lennar Earnings: LEN Stock Leaps 7% Higher on Q1 Earnings Topper

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Let’s take a more in-depth look at the most recent Lennar earnings report below.

  • Diluted EPS is up 71.62% from 74 cents during the same period of the year prior.
  • Revenue for the quarter comes in 16.54% higher than the $3.87 billion in the fiscal first quarter of 2019.
  • The Lennar earnings report also has it bringing in a net income of $398.45 million.
  • That’s a 66.09% increase over the company’s net income of $239.91 million reported during the same time last year.

Stuart Miller, executive chairman of Lennar, had this to say about the LEN stock earnings report:

“With a near shutdown of large portions of our national economy, we are all stretching our minds to understand the parameters of the rapidly evolving landscape, while we contemplate what the future holds. Accordingly, our first quarter conference call this morning will be focused on Lennar’s oversight and management through the current crisis, and the steady-handed approach that we have applied.”

The Lennar earnings report doesn’t include a guidance for fiscal 2020. This is due to the company suspending its guidance because of the ongoing effects that the coronavirus from China is having on the U.S. economy.

LEN stock was up about 2% as of Thursday afternoon.

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

Article printed from InvestorPlace Media, https://investorplace.com/2020/03/lennar-earnings-send-len-stock-soaring/.

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