U.S. Markets open in 4 hrs 27 mins

Lennar beats Street 1Q forecasts

MIAMI (AP) _ Lennar Corp. (LEN) on Tuesday reported fiscal first-quarter net income of $130.8 million.

The Miami-based company said it had net income of 56 cents per share. Earnings, adjusted for non-recurring costs, came to 59 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.

The homebuilder posted revenue of $2.34 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $2.17 billion.

Lennar shares have climbed 23 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. The stock has climbed 11 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LEN at https://www.zacks.com/ap/LEN


Keywords: Lennar, Earnings Report