On Wednesday, Lennar Corp. reported third-quarter earnings that surpassed analysts' expectations.
The home construction company’s earnings for the quarter came in at $1.59 a share, exceeding analysts’ estimate of $1.32 a share. The earnings were also higher than the year-ago quarter’s $1.37 a share.
Revenue of $5.44 billion also came in higher than analysts' forecasts of $5.32 billion. It was a growth from last year's $5.29 billion.
The number of completed homes that the company handed over to occupants increased +7% to around 13,522. Orders for new homes rose +7% to 14,469.
Lennar indicated that it benefited from demand for new homes among consumers amidst lower mortgage rates, which in turn is a boost to homebuilding cash flow.