Company more than doubles Wall Street earnings estimates; stock rises 5%.
Builder
Lennar Corporation, Miami (NYSE: LEN and LEN.B) on Tuesday reported net income of $310.3 million, or $0.94 per diluted share, for its second quarter ended May 31, compared to second quarter net earnings attributable to Lennar in 2017 of $213.6 million, or $0.89 per diluted share. Earnings in the second quarter of 2018 were reduced by $236.8 million ($0.58 per diluted share) of pretax backlog/construction in progress write-up related to purchase accounting and $23.9 million ($0.06 per diluted share) of pretax acquisition and integration costs related to CalAtlantic.
