Analysts, on average, had forecast 16,445 for the third quarter, and 63,755 for the year. Download the Yahoo Finance app for Apple or Android. Read the latest financial and business news from Yahoo Finance. 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. Click here for the latest stock market news and in-depth analysis, including events that move stocks. Favorite features: Track the performance of your personal portfolio. Access real-time stock information and investment updates to stay on top of the market. Follow the stocks you care about most and get personalized news and alerts. “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. Your 1 finance destination to track the markets and the economy. “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. Analysts surveyed by FactSet had forecast $2.33 a share on revenue of $7.22 billion. Revenue fell to $8.05 billion from $8.36 billion in the year-ago quarter. 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. Lennar shares rose 3% after hours, following a 1.1% decline in the regular session to close at $114.75. LEN shares rose in the extended session Wednesday after the homebuilder’s quarterly results and raised forecast topped Wall Street estimates. At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage. Access real-time stock information and investment updates to stay on top of the market.Lennar stock rises after results top Street view, outlook hiked Your #1 finance destination to track the markets and the economy.įollow the stocks you care about most and get personalized news and alerts.
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