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.
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