Home construction and real estate company Lennar’s fiscal second-quarter earnings edged past analysts’ expectations.
Lennar reported earnings of $1.30 a share for the three months through May, compared to analysts’ estimates $1.15 a share.
Revenue for the quarter increased +2% year-over-year to $5.2 billion.
Home-purchase contracts in the quarter rose +1% from a year earlier to 14,518 homes. The number of completed homes ready to be occupied by owners increased +5% to 12,729. A decline in mortgage rates seems to be one of the factors to have bolstered Lennar’s profits.