Lennar: Fiscal 4Q Earnings Snapshot
MIAMI (AP) _ Lennar Corp. (LEN) on Wednesday reported fiscal fourth-quarter profit of $796.1 million.
The Miami-based company said it had net income of $2.42 per share. Earnings, adjusted for one-time gains and costs, came to $1.96 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.91 per share.
The homebuilder posted revenue of $6.46 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $6.53 billion.
For the year, the company reported profit of $1.7 billion, or $5.44 per share. Revenue was reported as $20.57 billion.
Lennar shares have increased almost 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 3 percent. The stock has decreased 36 percent in the last 12 months.