Lennar exceeds Q4 expectations (LEN) By Tomi Kilgore
Lennar (LEN) said fiscal fourth-quarter net earnings totaled $162.9 million, or $2.32 per share, up from earnings of $109.5 million, or $1.59 per share, in the same period a year earlier. Analysts surveyed by Thomson Financial/First Call had been forecasting EPS of $2.20, on average. Revenue for the quarter ending November increased 14 percent over last year to $2 billion. For the year, the homebuilder reported EPS of $6.01 and revenue of $6 billion, compared with analyst expectations of $5.85 and $5.89 billion, respectively. "In spite of the national economic recession and the tragic events of September 11th, the U.S. housing market has remained resilient as a result of strong housing demand and a low mortgage rate environment," said Stuart Miller, Lennar's chief executive. Assuming the housing trends and economic conditions remain consistent, the company is "comfortable" with EPS goals of $6.10 and $6.50 for 2002, and $7.00 to $7.50 for 2003. |
