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By: Dividend Daily
September 19, 2011 at 08:46 AM EDT
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
Lennar Corporation (LEN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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