Lennar Q1 2024 financial results announced

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.

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