The Miami-based real estate investment, finance and management company exceeded by 13 cents all analyst forecasts tracked by the financial services firm Thompson/First Call.
"With our strong results in the first half of the year, we remain confident that we can achieve our earnings per share goal of $3.70 to $3.85 for fiscal 2001," Steven J. Saiontz, LNR Property chief executive officer, says in a prepared statement.
The spinoff of Miami-based Lennar Corp. reported net earnings of $38.4 million, or $1.10 per diluted share, on total revenue of $130 million for the three months ended May 31, compared with net of $33.3 million, or 96 cents a share, on total revenue of $125 million for the same period in 2000.
Announcement of the second-quarter earnings follows earlier reports that Standard & Poor's upgraded the company's credit rating on its senior unsecured credit to BB from BB-minus and the ratings on its senior subordinated note to B-plus from B.
The company accrued $1.6 billion in mortgage note liabilities and other payable debt as of May 31. However, the company reported that interest expense decreased slightly during the quarter primarily because of a drop in overall U.S. interest rates.
The weighted average interest rate on outstanding debt was 7.7%, down from the 8.4% reported for the second quarter last year.
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