Lennar Corp. (LEN) Tops Q2 EPS by 71c; Start to See Impacts of Rate Hikes
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Homebuilder Lennar (LEN) Posts Strong Q2 But Warns Rate Hikes Starting to Have an Impact
June 21, 2022 6:59 AM EDTLennar Corp. (NYSE: LEN) gained 5% in pre-open trading Tuesday following strong second-quarter earnings results. However, a warning from the CEO that the homebuilder is starting to see the impact of Fed rate hikes leaves open questions for investors.
The company said net earnings in the quarter increased 69% to $4.49 per share, or $4.69, excluding mark-to-market losses on technology investments. This easily beat the Wall Street consensus of $3.98.
Deliveries increased 14% to 16,549 homes, while new orders increased 4% to 17,792 homes. The company's backlog rose 16% to 28,624 homes and the backlog dollar value increased 33% to $14.7... More
