The third-largest U.S. homebuilder Lennar (NYSE:LEN) released its fiscal 2012 first-quarter financial statements on Tuesday. The data show that over the past three months ended February 29, 2012, the company realized a profit of $15 million, or 8 cents per share, compared to a net profit of $27.4 million, or 14 cents per share in the last fiscal year. Lennar also pointed out that 19% of the 2011 earnings is associated with a legal case.
The data show that Lennar generated $724.9 million for the first-quarter of fiscal year 2012, up 30% compared with a year earlier. Lennar’s real estate construction business contributed revenues of $624.4 million for the first-quarter of fiscal year 2012, representing an increase of 34% over the previous fiscal year. Analysts surveyed by Thomson Reuters on average had expected Lennar would realise earnings per share of 4 cents on revenue of $699 million for first quarter of fiscal year 2012.
Lennar’s home sales gross margin was 20.9% in the first quarter of fiscal year 2012 compared with 20% in the last fiscal year. Fiscal 2012 first quarter housing shipments increased 29% year over year to 2482 units and fiscal year 2012 first-quarter cancellation rate was 18%.
Lennar stock price closed at $26.40 on Monday. The shares closed up 4.66%, or $1.23, to finish at $27.63 on Tuesday. Lennar stock price has increased 34% since the beginning of this year.
Lennar stock price