ADVFN - Advanced Financial Network.
HOME» NYSE » L » LEN Stock Price » LEN Stock News

Lennar Share News

 Lennar Corp. Stock Price
LEN Stock Price
 Lennar Corp. Stock Chart
LEN Stock Chart
 Lennar Corp. Stock News
LEN Stock News
 Lennar Corp. Company Information
LEN Company Information
 Lennar Corp. Stock Trades
LEN Stock Trades

Lennar Swings To 3Q Profit; Order Decline Less Than Others

DOW JONES NEWSWIRES Lennar Corp. (LEN) swung to a fiscal third-quarter profit on higher closings and fewer incentives, but orders declined in the wake of the expiration of a government tax credit. Results handily topped analysts' estimates, and shares rose 2.6% to $14.36 in light premarket trading. As of Friday's close, the stock had fallen 15% in the past year. "As expected, our sales pace declined as a result of the expiration of the Federal homebuyer tax credit at the end of April," said Chairman and Chief Executive Stuart Miller. "Although high unemployment and foreclosures have continued to present challenges for the national housing market, our communities have been less impacted than the broader market." Builders, Lennar included, have seen improved results in recent quarters, boosted by a rush of buyers trying to get the government's first-time homebuyer tax credit before its expiration. But since the credit ended in April, home purchases have slid, and builders have seen orders slump--though by more than what Lennar reported Monday. For the quarter ended Aug. 31, the company reported a profit of $30 million, or 16 cents a share, compared with a year-earlier loss of $171.6 million, or 97 cents a share, which included 76 cents of write-downs. Revenue jumped 14% to $825 million. Analysts polled by Thomson Reuters had most recently forecast earnings of 6 cents on $777 million in revenue. Gross margin on home sales surged to 21.1% from 7.8%. New orders fell 15% to 2,624, while deliveries rose 10% to 2,950 and the cancellation rate declined to 18% from 19%. The average sale price of a home edged higher to $240,000 from $239,000 as incentives as a percentage of home-sales revenue declined to 11.3% from 15%. The builder's backlog declined 12% to 2,173 homes. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

Stock News for Lennar (LEN)
DateTimeHeadline
06/24/201516:34:07U.S. Stocks Fall on Greece Worries
06/24/201515:20:06U.S. Stocks Fall on Greece Worries
06/24/201515:16:17U.S. Stocks Fall on Greece Worries
06/24/201513:09:57Lennar Profit Jumps as Deliveries, Prices Rise -- 2nd Update
06/24/201508:30:18Lennar Profit Jumps as Deliveries, Prices Rise -- Update
06/24/201507:40:08Lennar Profit Jumps as Deliveries, Prices Rise
06/24/201507:08:41Lennar Profit Jumps as Deliveries, Prices Rise
06/24/201506:00:00Lennar Reports Second Quarter EPS of $0.79
06/23/201516:30:00Lennar Corporation Declares Quarterly Dividends
06/18/201517:02:02Stocks to Watch in Homebuilding: Lennar
06/10/201515:39:00Lennar Corporation's Second Quarter Earnings Conference Call...
05/21/201505:39:02Billionaires Are Flocking to These Stocks -- Should You, Too?
05/20/201512:15:10What Is the S&P 500 Index?
05/05/201508:59:44Lennar Bets on Silicon Valley's Spread
04/21/201516:59:00Lennar Prices $500 Million Of Senior Notes
04/08/201516:30:00Lennar Corporation Declares Quarterly Dividends
04/06/201514:07:00Lennar Now Selling Homes in Hollywood Hills’ Newest Gated Community
03/19/201517:08:10U.S. Stocks Fall After Wednesday's Rally
03/19/201516:47:45MARKET SNAPSHOT: U.S. Stocks End Lower, Giving Back Some Fed-fueled...
03/19/201516:08:04MARKET SNAPSHOT: Dow, S&P Erase Some Fed-fueled Gains, But Nasdaq...

Lennar and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad