Lennar Corp (NYSE:LEN) is the last of the major homebuilders to report earnings for the October-December period on Wednesday and gives the market an update on the state of the homebuilding industry.
Consensus estimates suggest earnings per share of $2.21, up 4.2% from the $2.12 reported in the same quarter a year ago.
More importantly, Lennar consistently beat earnings expectations for more than three years and by double-digit percentages in the past four quarters. The market could be looking for something special here.
The Oracle of Omaha, Warren Buffett, purchased around $20 million worth of Lennar shares in 2023, along with shares in D.R. Horton Inc (NYSE:DHI), which he subsequently sold.
This was a prescient move, as D.R. Horton’s shares fell sharply in January after investors failed to be impressed by the quality of its earnings in the final quarter of 2023. Nevertheless, D.R. Horton shares remain 0.2% higher in 2024.
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