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Lennar Beats Estimate by 34 Cents

MIAMI-The homebuilding giant shows no sign of slowing amid a weaker economy as quarterly net earnings increase by 166%, revenue rises 44% and operating margin on homes sales improved by 540 basis points to 13.1%.

By David R. Corder | Updated on June 20, 2001

MIAMI-Lennar Corp. far exceeded all analysts’ forecasts for the second quarter by earning $1.40 per diluted share on record earnings and revenue growth. Stock analysts tracked by Thomson Financial/First Call expected the Miami-based homebuilder to earn $1.06 per share for the second quarter ended May 31.

The company reported net earnings of $97 million, or $1.40 per diluted share on total revenue of $1.4 billion for the quarter, compared with net of $36.4 million or 64 cents per diluted share, on revenue of $968 million for the same time period in 2000.

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