Lennar’s Q4 Earnings Fall, but Still Beat View (LEN)


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Home builder Lennar Corporation ( LEN ) 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 Tuesday.

The Bottom Line
Shares of Lennar ( LEN ) 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 ( LEN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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