Lennar Corporation (LEN - Free Report) is one of the leading homebuilders in the United States. With overall housing market recovering at a slow but steady pace, Lennar's order trends have been improving at a consistent pace. Lennar is performing well on the back of its diverse revenue mix, large land supply, above average order growth and better pricing power.
Investors should also note that 2018 earnings estimate for LEN has remained stable in the past 60 days. Meanwhile, LEN has been posting positive earnings surprise for three of the past four quarters, resulting in an average surprise of 7.07%.
Currently, LEN has a Zacks Rank #3 (Hold), but that could definitely change following its earnings report which was just released. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: The company reported second-quarter adjusted earnings of $1.58 per share that surpassed the Zacks Consensus Estimate of 45 cents. The reported figure mainly excludes integration costs related to the acquisition of CalAtlantic Group, Inc. and backlog/construction in progress write-up related to purchase accounting. Including these items, the reported figure came in at 94 cents per share in the quarter that increased considerably from the year ago profit level of 89 cents per share.
Revenues: Total revenues of $5.5 billion also surpassed the consensus mark of $5.23 billion and improved 67% year over year.
Key Stats to Note: New Order units increased 62% in the quarter.
Share Price Movement: Shares were up 2.6% in pre-market trading, at the time of writing.
Check back later for our full write up on this LEN earnings report later.
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