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 2Q Net Slides 65% On Lower Home Deliveries, Flat Orders

DOW JONES NEWSWIRES Lennar Corp.'s (LEN, LENB) fiscal second-quarter profit slid 65% as home deliveries fell and orders came in flat, though the homebuilder still exceeded expectations on both its top and bottom line. The housing market has been a trouble spot in the U.S. economic recovery, as high supply and foreclosures have weighed on home prices. Sales of new homes have been particularly sluggish, remaining near record-low levels in April. However, Lennar has helped itself by looking outside of home building. Its Rialto Investments business, which invests in distressed real estate, has been a driving force behind the Miami-based company's recent improved results. For the quarter ended May 31, Lennar reported a profit of $13.8 million, or 7 cents a share, down from a $39.7 million, or 21 cents a share, a year ago. The year-earlier period included a 6 cents income-tax benefit. Revenue came in 6.1% lower at $764.5 million. Revenue from home sales also fell 6.5%, to $648.8 million. Analysts polled by Thomson Reuters most recently forecast earnings of 4 cents a share on $646 million in sales. Gross margin on home sales fell to 19.4% from 20.6%. Orders were flat with a year ago, at 3,204 homes. New home deliveries fell 7.9% to 2,682 homes, from 2,912 homes last year. The company's backlog, an indication of future business, edged down 1%, while the cancellation rate was 17%. Shares closed Wednesday at $18.10 and were inactive premarket. Year to date, the stock is down 3.5%. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Lennar (LEN)
DateTimeHeadline
06/23/201616:30:00Lennar Corporation Declares Quarterly Dividends
06/21/201617:00:00First-Time Buyers Boost KB Home Results
06/21/201609:37:00MARKET SNAPSHOT: U.S. Stock Futures Gain As Investors Brace For...
06/21/201607:30:00Lennar Posts Double Digit Gains in New Orders, Backlog
06/21/201606:00:00Lennar Reports Second Quarter EPS of $0.95
06/08/201616:38:00Lennar Corporation's Second Quarter Earnings Conference Call...
06/08/201607:43:00Lennar Resets the Standard for the New Home
05/06/201606:15:00Affordable Starter Homes Prove Increasingly Elusive
04/21/201617:10:00PulteGroup Results Beat Views
04/20/201621:30:00PulteGroup Founder Escalates Push Against Chief Executive
04/13/201616:30:00Lennar Corporation Declares Quarterly Dividends
04/11/201610:30:00PulteGroup Founder Calls to Remove Richard Dugas as CEO
04/01/201612:34:00Lennar Grand Opens Berkshire in Chino This Saturday, April 2
03/30/201618:51:00Lennar Grand Opens Active Adult Community, Heritage El Dorado...
03/29/201610:06:00MARKET SNAPSHOT: U.S. Stocks Fall, Tracking Drop In Oil Prices...
03/29/201610:06:00MARKET SNAPSHOT: U.S. Stocks Fall, Tracking Drop In Oil Prices...
03/29/201606:00:00Lennar Reports First Quarter EPS of $0.63
03/11/201610:23:00Lennar Corporation's First Quarter Earnings Conference Call To...
02/26/201616:44:00Lennar Prices $500 Million of Senior Notes
01/22/201605:44:00Second Largest Homebuilder In The United States Says Orlando...

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 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad