Lennar Profit Beats Estimates as Wage Growth Boosts Home ValuesBy
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….
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