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Lennar Corp Up 4.45% To $68.36 After Earnings Beat

Wednesday, June 22, 2022 03:16 PM | InvestorsObserver Analysts
Lennar Corp Up 4.45% To $68.36 After Earnings Beat

Lennar Corp (LEN) said after close Tuesday that it earned $4.69 per share in quarter two 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $8.4 billion, beating estimates by $249 million.

In the same quarter a year ago, the company earned $2.95 per share on revenue of $6.4 billion.

The stock is up 4.45% to $68.36 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Lennar Corp has performed a little above average during the past few months. Before the report, Lennar Corp received a Long-Term Technical Rank by InvestorsObserver of 52, putting it in the top half of stocks. The firm was recently trading at a 52-week low of $62.54 on June 17, 2022 and set a 52-week high on December 13, 2021 at $117.54.

Lennar is the largest public homebuilder (by revenue) in the United States. The company's homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name. Lennar's financial-services segment provides mortgage financing and related services to its homebuyers. Miami-based Lennar is also involved in multifamily construction and has invested in numerous housing-related technology startups.

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