The news comes amid many signs that the U.S. housing market is slowing down
By Keith Larsen | The Real Deal
Lennar Corp. saw its stock drop on Tuesday after it released second quarter earnings and said that tariffs on Chinese goods are costing the company an average of about $500 per home.
Still, the Miami-based homebuilder’s quarterly earnings beat analysts’ expectations. The company’s profit, revenue and home deliveries rose thanks to lower mortgage rates and strong incentives offered to homebuyers. Lennar reported second quarter net income rose to $421.5 million, or $1.30 per share, up 36 percent from $310.3 million, or 94 cents per share, for the same period of 2018.
New home deliveries increased to 12,706 homes in the second quarter, up 5 percent compared to the second quarter of last year. Revenue from Lennar’s homebuilding division rose 4 percent to $5.2 billion, above analysts’ expectations of $5.11 billion.
