Lennar's stock surges after home builder reports big profit, revenue beats
Shares of Lennar Corp. LEN, +0.12% hiked up 4.8% in premarket trading Tuesday, after the home builder reported fiscal second-quarter profit and revenue that were well above expectations. Net income for the quarter to May 31 rose to $421.5 million, or $1.30 a share, from $310.3 million, or 94 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $1.15. Total revenue grew to $5.56 billion from $5.46 billion, above the FactSet consensus of $5.
1%, just shy of the FactSet consensus of 20.2%. The average sales price of homes delivered fell to $407,000 from $413,000 a year ago, due primarily to product mix, as the Texas segments continued to shift to lower-priced communities. Sales incentives were $26,600 per home delivered, or 6.1% of home sales revenue, up from 5.3% last year.
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