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Lennar reports mixed fiscal Q1 results as revenue falls short of analyst estimates

nvesting.com - Homebuilder Lennar reported mixed fiscal first-quarter results as earnings topped, but revenue missed estimates amid high mortgage rates that continue to keep a lid on new home demand.

Lennar Corporation (NYSE:LEN) fell 3% in after-hours trade.

For the three months ended Feb. 29, Lennar reported fiscal first-quarter earnings of $2.57 a share, up from $2.06 a diluted share a year earlier, on revenue of $7.31 billion, from $6.49 billion. Analysts were expecting earnings per share of $2.21 on revenues of $7.38B.

Looking ahead to the second quarter, the company sees deliveries of 19,000-to-19,500, and average sales price of about $420,000 to $425,000.

The company increased its annual dividend from $1.50 per share to $2.00 per share

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.