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Lennar Q1 2024 financial results announced

14 March 2024 By Klavs Valters

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Lennar Corporation (NYSE: LEN) has had a good start to 2024 with the share price up by over 11% reaching new all-time highs.

On Wednesday, it was time for the US construction company to release the latest financial results for Q1 2024, ending on 29/2/24.

Lennar reported revenue of $7.313 billion for the quarter, which was below estimate of $7.39 billion. Revenue was up by 13% from the same period the year before.

Earnings per share topped expectations at $2.57 (up by 25% year-over-year) vs. $2.21 per share expected.

Company overview

  • Founded: 1954
  • Headquarters: Waterford District, unincorporated Miami-Dade County, Florida (Miami, Florida postal address)
  • Number of employees: 12,012 (2022)
  • Industry: Construction
  • Key people: Stuart Miller (Executive Chairman, co-CEO), Jon Jaffe (co-CEO, President), Fred Rothman (COO)

Stock reaction

Shares were down by 0.28% at the end of Wednesday’s session at $165.50 a share.

The stock fell by around 1% in the after-hours trading.

Stock performance

  • 5 day: +2.77%
  • 1 month: +7.56%
  • 3 months: +14.01%
  • Year-to-date: +11.04%
  • 1 year: +65.19%

Lennar stock price targets

  • Wedbush: $130
  • Raymond James: $165
  • JMP Securities: $170
  • The Goldman Sachs Group: $158
  • Royal Bank of Canada: $137
  • Barclays: $165
  • Jefferies Financial Group: $117
  • Wells Fargo & Company: $130
  • JP Morgan Chase & Co.: $135
  • Citigroup: $139
  • UBS Group: $159
  • Evercore ISI: $164
  • Bank of America: $120

Lennar Corporation is the 416th largest company in the world with a market cap of $45.63 billion, according to CompaniesMarketCap.

You can trade Lennar Corporation (NYSE: LEN) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to “Trading” then select “Share CFDs”.

GO Markets offers pre-market and after-market trading on popular US Share CFDs.

Why trade during extended hours?

  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
  • Reduce your risk and hedge your existing positions ahead of a new trading day
  • Extended trading hours on popular US stocks means extended opportunities

Sources: Lennar Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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