LEN - Lennar: Q1 Results Encouraging Despite The Revenue Miss
2024-03-14 02:21:42 ET
Summary
- Lennar's Q1 earnings performance was mixed, causing a 1% drop in stock after hours.
- Despite a revenue miss, Lennar's earnings per share beat expectations due to strong margin performance.
- The company's backlog and new orders indicate improving demand and a strengthening housing market.
Like many of the homebuilders, Lennar ( LEN ) has been an excellent performer over the past year, rising by about 67%. However, on Wednesday afternoon, the company reported a mixed earnings performance in Q1. In response, the stock fell by about 1% after hours. Shares have returned 50% since I rated Lennar a buy last September , significantly outpacing the broader market rally. This imperfect quarter contrasts with peers like Toll Brothers ( TOL ) who reported unambiguously strong results. Still, I view shares as attractive....
Lennar: Q1 Results, Encouraging Despite The Revenue Miss