<p>Lennar’s (NYSE: LEN) earnings for the first quarter of 2020 have the LEN share higher on Thursday. This is thanks to its diluted earnings per share (EPS) of $ 1.27, which comes above the Wall Street estimate of 84 cents. The real estate and home construction company’s revenue of $ 4.51 billion also exceeds analysts’ estimates of $ 4.16 billion.
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Let’s take a closer look at the latest Lennar results report below.
Diluted EPS increased by 71.62% from 74 cents during the same period the year before. Revenue for the quarter was 16.54% higher than the 3.87 billion dollars during the first quarter of 2019. Lennars performance report also gives a net profit of 398.45 million US dollars. This is an increase of 66.09% compared to the company’s net profit of $ 239.91 million reported during the same period last year.
Stuart Miller, CEO of Lennar, had this to say about the LEN share income report:
With a close shutdown of large parts of our national economy, we are all reaching out to understand the parameters of the fast-growing landscape, while we consider what the future holds. Consequently, our conference call for the first quarter tomorrow will focus on Lennars supervision and management by the current crisis and the stable strategy we have applied. ”
Lennar’s earnings report does not contain any guidance for the financial year 2020. This is because the company is interrupting its guidance due to the ongoing effects of coronavirus from China on the US economy.
The LEN share increased by approximately 2% as of Thursday afternoon.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/03/lennar-earnings-send-len-stock-soaring/.
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