KB Home, Lennar stocks rise as interest rate worries ease
Lennar posted strong earnings:
Lennar said its profit rose to $120.7 million, 54 cents a share, from $87.1 million, 40 cents a share, a year earlier. Analysts predicted Lennar would earn 45 cents a share. Meanwhile, revenue jumped 45% to $1.6 billion.
In addition, KB Home is reporting a profit increase:
KB Home, one of the smaller homebuilders concentrated mostly on the West Coast, reported a surge in profit: $27.3 million, 30 cents a share, from $3.3 million, 4 cents a share. It too beat Wall Street’s estimates, which called for 22 cents a share in earnings. Revenue shot up 29% to $549 million.