Lennar Stock Surges 4% After Q1 Beat
<p><a href='https://financialmodelingprep.com/financial-summary/LEN'>Lennar (NYSE:LEN)</a> shares gained nearly 4% intra-day today following the company’s impressive performance that surpassed expectations in terms of both Q1 revenue and earnings.</p>
<p>Lennar posted an EPS of $2.94, with total revenue coming in at $8 billion. Analysts had anticipated Lennar, a home builder, to generate a revenue of $7.2 billion and earnings per share of $2.31.</p>
<p>During the second quarter, Lennar successfully delivered 17,074 homes, surpassing their initial guidance, while new orders reached 17,885, also exceeding expectations.</p>
<p>According to Stuart Miller, the Executive Chairman of Lennar, the housing market has been gradually stabilizing and recovering from the rapid interest rate increases experienced last year. </p>
<p>Looking ahead, the company anticipates delivering between 17,750 and 18,250 homes in Q3. For the full 2023 year, the company expects to deliver 68,000 to 70,000 homes, which is an upward revision from the previous guidance of 62,000 to 66,000 homes.</p>

NYSE:LEN