Home builder Lennar Corporation (
) on Tuesday saw its fourth quarter profit fell more than 10% from
last year, but results still beat analyst expectations.
The Miami-based company reported fourth quarter net income of
$32 million, or 17 cents per share, compared with $35.6 million, or
19 cents per share, in the year-ago period.
Revenue slumped 6% from last year to $860.1 million, as
deliveries and orders of new homes declined.
On average, Wall Street analysts expected a much smaller profit
of 6 cents per share, on lower revenue of $815.7 million.
CEO Stuart Miller said in a statement that "Although high
unemployment, tight lending standards and low consumer confidence
continue to present challenges for the housing industry, we are
confident that 2011 will be another profitable year."
Lennar shares rose $1.17, or +6.2%, in premarket trading
The Bottom Line
Shares of Lennar (
) have a .85% dividend yield, based on last night's closing stock
price of $18.90. The stock has technical support in the $17 price
area. If the shares can firm up, we see overhead resistance around
the $21-$22 price levels.
Lennar Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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