Pursuits
Lennar Earnings Beat Estimates on Renewed Economic Optimism
- New orders climbed 12% in fiscal first quarter, company says
- Homebuilder cites ‘renewed optimism, wage and job growth’
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Lennar Corp., the second-largest U.S. homebuilder, reported fiscal first-quarter earnings that beat analysts’ estimates and said new orders increased, signaling the start to a strong spring selling season.
Lennar is riding a wave of buyer confidence as job growth picks up and the supply of previously owned properties is the tightest it’s ever been. New orders climbed 12 percent from a year earlier, the Miami-based company said in a statement Tuesday. That beat the consensus estimate of a 7.7 percent increase, Robert Wetenhall, an analyst with RBC Capital Markets LLC in New York, said in a note to clients.