Lennar's Third-Quarter Results Prove Its Resilience
Residential construction giant Lennar (NYSE: LEN) issued fiscal third-quarter 2020 earnings results on Tuesday, and its shares closed the day down 3.9%. While new orders and housing starts improved at the healthy rates of 16% and 17%, respectively, over the prior year, investors may be expressing slight disappointment in the company's projected fourth-quarter home deliveries, as my Motley Fool colleague Dan Caplinger observes. Lennar advised investors to expect 15,500 to 16,000 deliveries next quarter, which, even at the top of the range, will trail fiscal fourth-quarter 2019 deliveries of 16,420 homes.
Nonetheless, the overall report showcased the company's strength in an extremely difficult year for the construction industry, and in my opinion, it justifies the stock's 41% year-to-date appreciation prior to today's retracement.
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Source Fool.com
