Lennar Corporation’s LENdiversified line of home offerings for first-time, move-up and active adult homebuyers, and positive housing market fundamentals are the driving factors for this leading homebuilder in the United States. Additionally, synergies from its recent acquisitions are also encouraging.
Recently, this leading homebuilder reported stellar first quarter of fiscal 2018 results wherein earnings as well as revenues surpassed the Zacks Consensus Estimate by 20.7% and 3.3%, respectively.
The company reported adjusted earnings of $1.11 per share that exclude integration costs related to the acquisition of CalAtlantic Group, Inc. and one-time non-cash write down of deferred tax assets due to reduction in the federal corporate income tax rate. Including these items, the reported figure came in at 53 cents per share in the quarter, increasing considerably from the year-ago profit level of 16 cents per share. The improvement was primarily attributable to greater demand for homes accompanied with higher prices.
Total revenues of $2.98 billion increased 28% year over year as the Homebuilding, Financial Services and Multifamily segments performed significantly well.
Meanwhile, Lennar’s shares have outperformed its industryyear to date. Earnings estimate revisions have been mixed in the past seven days. Earnings estimates for fiscal 2018 have moved down 2.3% but rose 2.5% for 2019, in the said period.