U.S. Homebuilders Expect Excellent Q3 Results, Paced by Lennar (YahooFinance)
The third-largest U.S. homebuilder, Lennar Corp., reported stellar third quarter figures, indicating the housing recovery is firmly on track. Those stellar numbers included Q3 revenue hitting $1.6 billion — ahead of estimates of $1.56 billion; earnings at $.54 per share versus estimates of $.45 per share, orders up 14 percent to 4,785 houses and a backlog rise of 32 percent to 5,958 houses. Lennarâ??s Chief Executive Stuart Miller said, â??We continue to see long-term fundamental demand in the market driven by the significant shortfall of new single-family and multi-family homes built over the last five years.â? And given the current situation with the Fedâ??s stimulus plan, it appears that healthy interest rates will beÂ part of the equation for quite some time.