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Lennar Trades Higher After Q2 Earnings Beat

Tanzeel Akhtar

Lennar Corporation (NYSE: LEN) reported second-quarter earnings of $1.30 per share, which beat the analyst consensus estimate of $1.14. This is a 17.72% decrease over earnings of $1.58 per share from the same period last year.

Lennar reported quarterly sales of $5.6 billion, which beat the analyst consensus estimate of $5.1 billion. This is a 2.58% increase over sales of $5.459 billion the same period last year.

"Our second quarter results benefited from both first quarter deliveries postponed by weather as well as a recovering housing market." said Stuart Miller, Executive Chairman of Lennar. "The well-documented market pause in the second half of 2018 set the stage for more moderate home price increases and lower interest rates which stimulated both affordability and demand, leading homebuyers back to the market."

View more earnings on LEN

Lennar shares traded higher by 4.6% at $53.80 in Tuesday's pre-market session. The stock has a 52-week range between $55.77 and $37.29

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