Lennar Corporation (NYSE:LEN) shares are trading lower in Wednesday's after-hours session after the company reported worse-than-expected fourth-quarter EPS results.
Lennar reported quarterly earnings of $3.91 per share which missed the analyst consensus estimate of $4.15. Lennar also reported quarterly sales of $8.40 billion which beat the analyst consensus estimate of $8.20 billion by 2%. This is a 23% increase over sales of $6.83 billion the same period last year.
Rick Beckwitt, Co-Chief Executive Officer and Co-President of Lennar, said, "During the fourth quarter, our community count increased 7% year over year as we continued to make excellent progress on our land light strategy. This was evidenced by our years owned supply of homesites improving to our previously stated goal of 3.0 years at the end of the fourth quarter from 3.5 years last year, and our controlled homesite percentage increasing to 59% from 39% for those same periods."
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Lennar has become the largest public homebuilder (by revenue) in the United States. The company's homebuilding operations target first-time, move-up and active adult homebuyers mainly under the Lennar brand name. Lennar's financial-services segment provides mortgage financing and related services to its homebuyers.
Lennar has a 52-week high of $117.54 and a 52-week low of $71.52.
