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20

Lennar Profit Beats Estimates as Wage Growth Boosts Home Values

By Tony Seruga

Lennar Corp., the second-largest U.S. homebuilder, reported fiscal fourth-quarter earnings that beat analysts’ estimates as new-home production rebounds.

Net income for the three months through November was $281.6 million, or $1.21 a share, compared with $245.3 million, or $1.07, a year earlier, the Miami-based company said in a statement Friday. The average estimate of 12 analysts was for earnings of $1.12 a share, data compiled by Bloomberg show.

Lennar was aggressive in buying land during the downturn and now is benefiting from selling its homes into a rising market. It’s also more diversified than most builders, offering houses in 19 states and investing in rental projects, mortgage financing and commercial real estate….

Lennar Profit Beats Estimates as Wage Growth Boosts Home Values

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