: Lennar stock rises after results top Street view, outlook hiked
Lennar Corp. LEN shares rose in the extended session Wednesday after the homebuilder’s quarterly results and raised forecast topped Wall Street estimates. Lennar shares rose 3% after hours, following a 1.1% decline in the regular session to close at $114.75. The company reported fiscal second-quarter net income of $871.7 million, or $3.01 a share, compared with $1.32 billion, or $4.49 a share, in the year-ago period. Revenue fell to $8.05 billion from $8.36 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast $2.33 a share on revenue of $7.22 billion. “During the quarter, we continued to see the housing market normalize and recover from the Fed’s 2022 aggressive interest-rate hikes in response to elevated inflation,” said Stuart Miller, Lennar chairman, in a statement. “As consumers have come to accept a ‘new normal’ range for interest rates, demand has accelerated, leaving the market to reconcile the chronic supply shortage derived from over a decade of production deficits.” Home deliveries rose 3% from a year ago to 17,074, while analysts were forecasting 15,654. Lennar said it expects to deliver 18,000 to 19,000 homes in the fiscal third quarter, and 68,000 to 70,000 for the year, up from a previous forecast of 62,000 to 66,000. Analysts, on average, had forecast 16,445 for the third quarter, and 63,755 for the year.
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