Lennar Corp. (LEN.B) has reported its fourth-quarter earnings, which showed a decline compared to the previous year and were below analysts' expectations.
The company's net income for the quarter was $1.096 billion, or $4.06 per share, compared to $1.361 billion, or $4.82 per share, in the fourth quarter of the previous year.
After accounting for specific items, Lennar Corp. posted adjusted earnings of $1.1 billion, or $4.03 per share.
On average, analysts, as surveyed by Thomson Reuters, had projected earnings of $4.12 per share, typically excluding special items in their forecasts.
Revenue for the quarter experienced a drop of 9.3%, reaching $9.946 billion, down from $10.968 billion in the same period last year.
A summary of Lennar Corp.'s fourth-quarter GAAP results are as follows:
- Earnings: $1.096 billion, down from $1.361 billion in the prior year.
- Earnings per Share (EPS): $4.06, compared to $4.82 previously.
- Revenue: $9.946 billion, compared to $10.968 billion the previous year.
