Lennar Profit Rises; Firm Boosts Targets
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Lennar Corp., the second-largest U.S. home builder by revenue, said that fiscal second-quarter profit rose 9.3% and that it raised its forecast as low mortgage rates and acquisitions of other builders spurred sales.
Net income for the three months ended May 31 rose to $106 million, or $1.51 a share. Lennar was expected to earn $1.24 a share, according to a survey of analysts by Thomson First Call. Revenue increased 14% to $1.6 billion.
Miami-based Lennar boosted its 2003 profit target to $7.50 to $8 a share, from $7 to $7.50.
Lennar’s outlook shows home builders are continuing to benefit from mortgage rates that have averaged below 7% since late 2000, the longest stretch at that level in at least three decades. The results led to a rise in home builders’ shares.
Lennar shares rose $1.88 to $59.18 on the NYSE. The shares have risen 27% this year.
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