Lennar’s Q3 Profit Falls 31% on Fewer Home Deliveries (LEN)
Homebuilder Lennar Corporation (LEN) on Monday said its fiscal third quarter earnings plunged 31% from last year, as fewer home deliveries ate into its profits.
The Miami-based company reported third quarter net income of $20.7 million, or 11 cents per share, compared with $30 million, or 16 cents per share, in the year-ago period.
Revenue fell 1% from last year to $820.2 million.
On average, Wall Street analysts expected a matching profit of 11 cents per share, albeit on smaller revenue of $794.4 million.
Lennar shares rose 8 cents, or +0.6%, in premarket trading Monday.
The Bottom Line
Shares of Lennar Corporation (LEN) have a 1.16% dividend yield, based on Friday’s closing stock price of $13.80. The stock has technical support in the $10 price area. If the shares can firm up, we see overhead resistance around the $13 price level.
Lennar Corporation (LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.