Lennar reports mixed fiscal Q1 results as revenue falls short of analyst estimates

nvesting.com - Homebuilder Lennar reported mixed fiscal first-quarter results as earnings topped, but revenue missed estimates amid high mortgage rates that continue to keep a lid on new home demand.

Lennar Corporation (NYSE: LEN) fell 3% in after-hours trade.

For the three months ended Feb. 29, Lennar reported fiscal first-quarter earnings of $2.57 a share, up from $2.06 a diluted share a year earlier, on revenue of $7.31 billion, from $6.49 billion. Analysts were expecting earnings per share of $2.21 on revenues of $7.38B.

Looking ahead to the second quarter, the company sees deliveries of 19,000-to-19,500, and average sales price of about $420,000 to $425,000.

The company increased its annual dividend from $1.50 per share to $2.00 per share

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