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
03/20/201413:50:10MARKET SNAPSHOT: U.S. Stocks Fall; Yellen In Focus
03/16/201415:04:43MARKET SNAPSHOT: Stocks To Stay Volatile As Ukraine Game Plays...
12/23/201316:32:29MARKET SNAPSHOT: S&P 500, Dow Extend Record Run With Higher Finish
12/23/201315:23:15MARKET SNAPSHOT: U.S. Stocks See New Records On Consumer-spending...
12/23/201312:53:07MARKET SNAPSHOT: U.S. Stocks Eye More Records On Consumer-spending...
12/18/201317:48:54MARKET SNAPSHOT: U.S. Stocks Soar As Fed Moves To Reduce Stimulus
12/18/201317:01:19MARKET SNAPSHOT: U.S. Stocks Soar As Fed Scales Back Stimulus
12/18/201315:13:54MARKET SNAPSHOT: U.S. Stocks Jump On Fed Announcement
12/18/201315:13:52MARKET SNAPSHOT: U.S. Stocks Jumps On Fed Announcement
12/18/201315:09:09MARKET SNAPSHOT: Dow Jumps On Fed Announcement
12/18/201312:31:49MARKET SNAPSHOT: U.S. Stocks Give Up Early Modest Gains
12/18/201311:13:12MARKET SNAPSHOT: U.S. Stocks Up On Strong Housing Data
11/15/201309:19:39Omega Advisors 3Q 13F: Largest Purchases
11/15/201309:19:36Omega Advisors 3Q 13F: Holdings As Of Sep 30
11/15/201309:10:28Caxton Associates LP 3Q 13F: Largest Purchases
11/15/201309:10:28Caxton Associates LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:10:27Caxton Associates LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales

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