By Dhirendra Tripathi
Investing.com – Lennar (NYSE:LEN) shares rose close to 4% on Thursday with sentiment for the stock boosted by the company exceeding estimates in the latest quarter.
The company’s homebuilding gross margin of 26.1% was the highest for any second quarter in its history, driven by booming sales prices in most of the markets.
In the ongoing third quarter, the company aims to deliver between 15,800 and 16,100 homes and achieve even higher homebuilding gross margins of 27% to 27.5%.
Net earnings in the second quarter ended May 31 were $831.4 million. On a per diluted share basis, net earnings were $2.65. Each was up 61% from the same period a year ago.
Revenue was up 22% at $6.4 billion.
Analysts polled by Investing.com estimated EPS to be $2.35 on revenue of $6.1 billion.
Deliveries of homes and both new and outstanding orders grew. They were up 14%, 32% and 38% respectively in absolute numbers.