Lennar reports lower earnings, higher revenues in Q2

The company reported lower earnings, but still exceeded analyst expectations

Jun.June 21, 2017 12:00 PM

Lennar CEO Stuart Miller and a construction site (Credit: Getty Images)

Miami-based Lennar Corp. reported a drop in earnings but higher revenues than analysts anticipated in the second quarter.

The homebuilder reported earnings of $200.7 million, or 91 cents a share, in the second quarter, down from $224 million, or $1.01 a share, in the first quarter of this year, according to the Sun Sentinel. Revenues, meanwhile, rose to $3.26 billion from $2.74 billion, higher than the $2.89 billion analysts surveyed by Zacks Investment Research expected.

Lennar, the nation’s second largest homebuilder behind D.R. Horton, announced 8,898 home orders at the end of May. Lennar broke ground at the end of April on its 552-home Parkland Bay development in Broward County.

The company recently revealed that it would be adding smart homes to its offerings, partnering with Amazon.com to incorporate the Alexa virtual personal assistant technology into the homes.

Lennar Corp. CEO Stuart Miller restated the company’s first quarter earnings this year, reporting $38.1 million or 16 cents per share to account for $140 million related to litigation. [Sun Sentinel] – Grace Guarnieri


Related Articles

Arden home community and Stuart Miller

Lennar picks up 50 lots in western Palm Beach County

Lennar's Stuart Miller and a rendering of a Sierra Ranch home

Lennar closes on 89-acre Davie site for single-family home community

Daily Digest Miami

Here are the homes of Miami Heat’s elite, developer Steve Witkoff revealed as buyer of Sunset Islands home: Daily digest

Robert Castellano and 150-206 Inlet Way (Credit: Getty Images, Google Maps)

Robert Castellano buys three motels in Palm Beach Shores, plans condo project

Toll Brothers CEO Douglas C. Yearley, Jr. an a rendering of Avenir Community

Homebuilder Toll Brothers adds to portfolio aimed at active adult communities in Palm Beach Gardens

Lennar at Sorrento at Venetian Parc clubhouse, Lennar Vice Chairman Stuart Miller

HOA buys clubhouse in southwest Miami-Dade from Lennar

HS Residential Ernesto Lopes and the Deering Groves,

Brazil’s largest homebuilder seeks to invest $200M in AHS Residential

Donald Horton, chairman of D.R. Horton

Homebuilder DR Horton pays $12M for 25 acres in Florida City