Home builder Lennar reports boost in fourth-quarter sales

Home builder Lennar Corp. (LEN) on Thursday reported sales that beat expectations in house deliveries and new orders, though the company's stock was down 4% in after-hours trading. The Miami-based company posted fourth-fiscal-quarter earnings of $1.36 billion, or $4.82 a share, compared with $1.32 billion, or $4.55 a share, for the same period a year earlier. Analysts polled by FactSet had forecast earnings per share of $4.59 on revenue of $10.23 billion. Revenue rose 8%, to $10.97 billion. Lennar delivered 23,795 homes in the quarter, up 19% from a year earlier, with new orders rising 32%, to 17,366. Its average sales price did, however, decline to $441,000 from roughly $500,000 last year. Shares of Lennar have soared 71% this year, while the S&P 500 index is up 23%.

-Jon Swartz

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12-14-23 1713ET

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