Lennar Corporation Q4 Profits Rise; Beats Estimates (LEN)

Homebuilder Lennar Corporation (LEN) released its fourth quarter financial results on Wednesday, which came in higher than last year’s Q4 and beat estimates.

LEN’s Earnings in Brief
-LEN reported earnings of $164.08 million, or 73 cents per share, up from $124.3 million, or 56 cents per share, last year. Analysts expected to see earnings of 62 cents per share.
-Total revenue jumped to $1.92 billion from $1.35 billion a year ago. Analysts, on average, expected to see revenue of $1.88 billion.
-For FY2013, earnings totalled $479.7 million, or $2.15 per share, down from $679.1 million, or $3.11 per share, in 2012.

CEO Commentary
Chief Executive Officer Stuart Miller commented: “While the political and interest rate environment and our previously initiated price increases tempered new sales orders in the fourth quarter, we were still pleased with our overall performance.”

LEN’s Dividend
LEN did not announce its next dividend, but will likely make this announcement in January. The company paid its last 4 cent dividend on November 1.

Stock Performance
Lennar shares were up 50 cents, or 1.42%, during pre-market trading Wednesday. The stock is down 10% YTD.