Lennar (LEN) - Get Report beat Wall Street's first-quarter earnings and revenue expectations, but the homebuilding company said on Thursday that it was suspending its financial guidance due to the coronavirus pandemic.
The Miami company's shares at last check were off 4.6% to $29.50.
For the quarter ended Feb. 29 net income was $398.5 million, or $1.27 a share, compared with $239.9 million, or 74 cents, in the year-earlier quarter. Revenue grew 15% to $4.51 billion. Analysts surveyed by FactSet had called for earnings of 85 cents a share and revenue of $4.15 billion.
Home deliveries rose 17% to 10,313 homes, beating FactSet's consensus of 9,970. Average sales price slipped 2% to $402,000, but was above expectations of $392,500.
Gross margin on home sales came to 20.5%, up from 20.1%.
"Although today we are announcing our first quarter 2020 results, the events that have occurred since quarter-end currently command our focus and attention," Stuart Miller, executive chairman, said in a statement.
"With a near shutdown of large portions of our national economy, we are all stretching our minds to understand the parameters of the rapidly evolving landscape, while we contemplate what the future holds."
In the context of today's widespread shutdowns, Miller said, "we are choosing to suspend guidance as the world resets and finds its way forward."
"Like food from the grocer is essential, our customers need a safe and secure place called 'home,' while the country moves from today's landscape of uncertainty to knowing that 'this too, shall pass,'" Miller said. "We are well positioned for stability today, as well as for opportunity when markets settle."