The Miami-based Lennar Corporation (NYSE:LEN) moved up to record high in one month after a tax benefit and boosting demand fueled a boost in its profit of fiscal Q2.
Lennar, the third-biggest Untied States homebuilder by revenue, reported in a statement that net income for quarter through May moved up to $452.7 million or $2.06 per share, from $13.8 million or 7 cents in previous year.
The results comprised $403 million from the limited turnaround of deferred tax assets linked with losses during the housing crash. Earnings without the gain were 21 cents per share, surpassing the 16-cent median forecasts of 20 analysts in a Bloomberg poll.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. The Ryland Group, Inc. (NYSE:RYL) increased +2.27% to settle at $24.76, Standard Pacific Corp. (NYSE:SPF) moved up +4.32% to end at $5.79 while KB Home (NYSE:KBH) jumped +2.99% to finish on Wednesday at $8.61.
Lennar Corporation (NYSE:LEN) last session volume of 17.83 million shares was higher than its average volume of 8.15 million shares. The stock after opening at $28.51 hit high price of $29.44 and then closed at $28.70 by scoring +4.78%.
LEN generated revenue of 3.26 billion in the following twelve months and earned $78.70 million. The Company showed a negative 2.51% in the net profit margin and as well as in its operating margin which remained 2.09%. Company’s annual sales growth for the past five year was -28.24%.
The LEN past twelve months price to sales ratio was 1.66 and price to cash ratio remained 6.27. As far as the returns are concern, the LEN return on equity was recorded as 2.93% and increased 1.03% return on investment while its return on asset stayed at 0.94%.
The stock showed weekly upbeat performance of +6.65% which was maintained for the month at -0.172%. Likewise the positive performance for the quarter was recorded as +3.87% and for the year was +56.49% while the YTD performance remained at +46.58%.
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