Before the market open today, the home building company reported earnings of 63 cents per share, higher than Wall Street's forecasts for 52 cents per share.
Revenue increased by 21% year-over-year to $2 billion, beating analysts' estimates for $1.86 billion.
Deliveries climbed by 12% during the quarter and new orders increased by 10%.
"Despite global economic concerns and volatility in the stock market, our net earnings increased by 25% year-over-year and we had solid performances in most of our businesses," CEO Stuart Miller said in a statement. "We continue to believe that the housing market is continuing its slow and steady recovery driven by years of under production, tight inventory levels, attractive interest rates and the lowest unemployment levels since 2008."
Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of B.
The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and notable return on equity. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.
You can view the full analysis from the report here: LEN