Before the opening bell on Thursday, homebuilder Lennar Corporation (LEN) released its first quarter financial results. Here’s what the results mean for mutual fund investors.
Inside LEN's Results
LEN reported earnings of $114.96 million, or 50 cents per share, compared to $78.12 million, or 35 cents per share, last year. On average, analysts expected to see EPS of 45 cents.
The company reported a 21% increase in quarterly sales to $1.64 billion. Analysts expected to see $1.50 billion in revenue.
Sales Surge As The Housing Market Recovers
In the first quarter, sales increased 21%, while deliveries rose 19% to 4,302 homes from 3,597 homes delivered in the first quarter of 2014. The average selling price also increased 3% to $326,000.
The company also reported that new orders placed in Q1 rose 18% – which is good news for the financial prospects of future quarters.
As the housing market continues to recover, homebuilders like Lennar have been boosting incentives in order to increase sales.
Mutual Funds to Watch
Investors interested in LEN may be interested in the funds listed below. These funds currently have the largest stakes in the company.
|VMCIX||Vanguard Mid Cap||1.51%|
The Bottom Line
The funds listed above allow investors to gain exposure to LEN while remaining diversified. Investors interested in LEN may also be interested in KB Home (KBH) or D.R. Horton (DHI).
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