Lennar (LEN) Reports Q1 Beat, Provides Guidance
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Lennar revenue beats on soaring home prices; shares up
March 16, 2022 4:49 PM EDT(Reuters) -Lennar Corp beat market estimates for quarterly revenue on Wednesday, helped by record-high property prices as demand continued to outpace supply that was hit by raw material and labor shortages.
Shares of the No. 2 U.S. homebuilder were up 1.8% at $90.10 in after market trading.
Demand for housing soared during the COVID-19 pandemic as buyers capitalized on record-low mortgage rates and remote workers sought more living space.
... MoreLennar Corp. (LEN) Tops Q1 EPS by 10c
March 16, 2022 4:31 PM EDTLennar Corp. (NYSE: LEN) reported Q1 EPS of $2.70, $0.10 better than the analyst estimate of $2.60. Revenue for the quarter came in at $6.2 billion versus the consensus estimate of $6.11 billion.
Backlog increased 24% to 27,335 homes; backlog dollar value increased 43% to $13.6 billionFor earnings history and earnings-related data on Lennar Corp. (LEN) click here.
... More