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Lennar beats 1Q profit forecasts

MIAMI (AP) — Lennar Corp. (LEN) on Tuesday reported fiscal first-quarter net income of $144.1 million.

The Miami-based company said it had profit of 63 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The homebuilder posted revenue of $1.99 billion in the period.

Lennar shares have fallen 4.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has decreased 6 percent in the last 12 months.

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