Hmmm, "despite a slowdown in orders".
GT
TH
UPDATE 2-Lennar quarterly profit up 34 pct, raises outlook
Wed Dec 15, 2004 08:12 AM ET
NEW YORK, Dec 15 (Reuters) - Lennar Corp.(LEN.N: Quote, Profile, Research) , the No. 3 U.S. home builder, on Wednesday said quarterly earnings rose 34 percent and raised its earnings forecast for fiscal 2005, despite a slowdown of orders.
For the fiscal fourth quarter ended Nov. 30, Miami-based Lennar earned $379.7 million, or $2.29 per share, compared with $283.2 million, or $1.69 per share, a year earlier.
Analysts on average expected the company to earn $2.19 per share, down from $2.24 expected before the company in November warned of sluggish orders, according to Reuters Estimates.
Revenue rose 21 percent to $3.6 billion with home sales up 26 percent to $3.4 billion due to a 12 percent increase in the number of closings and a 12 percent rise in the average home price to $287,000 from $255,000 last year.
New home orders for the quarter rose 5 percent, as an 11 percent decline in sales in the pricey East, where hurricanes in Florida stalled sales, were offset by a 23 percent increase in the less lucrative Central region. Orders in the West rose 4.4 percent.
Last year, new orders rose 19 percent, juiced up by strong demand in the lucrative East and West. However, last quarter, new orders inched up only 1 percent.
Lennar ended the quarter with 15,546 homes on order and awaiting to be built, up 11.8 percent over last year. The value of the homes rose 30 percent to $5.1 billion.
The backlog of homes combined with the company's land cache land-strapped areas prompted Lennar to raise its earnings goal for fiscal 2005 to $6.90 per share a prior forecast of $6.60.
more...
yahoo.reuters.com |
