Lennar Cuts Outlook While Showing Record Profits
The Lennar Corporation is falling into line with their biggest competitors. They are showing record earnings while projecting a slower future. The marketplace rewarded them with a 2.6 percent increase in their share prices today while recognizing the change in the marketplace.
I have the distinct feeling that Lennar and Toll Brothers will be the barometers in the housing market.
Lennar Corp., the third-largest U.S. homebuilder, said second-quarter profit rose 33 percent as it built more houses and prices gained. Slowing orders and higher cancellation rates may crimp earnings in the rest of the year.
Net income in the three months through May increased to $324.7 million, or $2 a share, from $243.5 million, or $1.48, a year earlier, the Miami-based company said today in a PR Newswire statement. The average estimate of 16 analysts surveyed by Thomson Financial was $1.86 a share.
“Even while market conditions have been changing, we have maintained a focused and orderly approach to managing our operations,” President and Chief Executive Officer Stuart Miller said in the statement. “However, we are experiencing slower new orders and higher cancellation rates. Consequently, the second half of the year will be more challenging.”
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