The company reported second-quarter earnings of 79 cents per share, 15 cents higher than estimates. During the same quarter last year, Lennar posted earnings of 61 cents per share. Revenue came in at $2.39 billion, good for a 31% increase year over year.
Stuart Miller, Lennar chief executive, said: "The homebuilding market continued its steady improvement throughout our second quarter. Driven by higher wages and employment, reasonable affordability levels, supply shortages and favorable monthly payment comparisons to rentals, the homebuilding market is well positioned for multi-year growth ahead."
Home sales revenue jumped 30% year over year, to $2.1 billion during the second quarter. New home deliveries rose to 5,989, compared to 4,976 during the same quarter last year.
The analysts at Keefe, Bruyette & Woods hold an outperform rating. Raymond James maintains a market perform rating, while Buckingham Research Group holds a neutral rating. Of the analysts who cover the stock 36.4% hold a buy rating, 63.6% maintain a hold rating and no analysts hold a sell rating, according to data compiled by Bloomberg.
Other homebuilders, including Hovnanian (HOV - Get Report), KB Home (KBH - Get Report) and D.R. Horton (DHI - Get Report) posted gains on Wednesday. Lennar stock has risen almost 14% since the start of the year and the company has a market capitalization of $9.8 billion.