Lennar (NYSE:LEN) earnings for the home building company’s fiscal second quarter of 2020 have LEN stock on the move after hours on Monday. This comes after reporting diluted earnings per share of $1.65 on revenue of $5.29 billion. Wall Street was looking for diluted earnings per share of $1.14 on revenue of $5.21 billion.
Let’s take a more in-depth look at the most recent LEN earnings report below.
- Diluted per-share earnings are up 26.9% from $1.30 in the same period of the year prior.
- Revenue for the quarter comes in 5% lower than the $5.56 billion reported in the fiscal second quarter of 2019.
- The Lennar earnings also have it reporting a net income of $517.41 million.
- That’s a 22.8% increase compared to the $421.47 million reported during the same time last year.
Stuart Miller, executive chairman of Lennar, said this about the fiscal Q2 earnings.
“Business rebounded significantly in May, and by quarter’s end, our total new orders declined by only 10%, and deliveries ended flat year-over-year. In sync with the market rebound, we resumed starts and land spend to match the improving market conditions, and this rebound has continued into the first two weeks of June.”
Lennar also reintroduced its guidance this quarter. This has it expecting new home orders to range from 50,500 to 51,000 for fiscal 2020. Its also looking for gross margin on home sales of roughly 21.5% and a net gross margin on home sales of about 13% for that same time.
LEN stock was down slightly after markets closed on Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.