On Wednesday, Lennar Corporation (NYSE: LEN) announced its financial results for the first quarter of fiscal 2018. With both earnings and revenue beating estimates, shares of the company increased 6% on Wednesday.
Revenue for the first quarter was $2.98 billion, increasing 28% from $2.34 billion for the same period last year. The results beat analysts’ estimates of $2.65 billion. The company said that one of the reasons for the increase in first-quarter revenue was selling 24% more homes in the quarter.
For the first quarter, Lennar Corporation announced net income of $136.22 million, rising from $38.08 million for the same period last year. As for the earnings, the company reported earnings of $1.11 per share for the first quarter of fiscal 2018, compared with earnings of $0.16 per share for the same period last year. The result for the first quarter far surpassed analysts’ estimates of $0.77 per share.
“As we report our first combined quarterly results with the CalAtlantic strategic acquisition now completed, we remain enthusiastic about both our current results as well as our future projections under the Lennar platform,” Stuart Miller, the Chief Executive Officer of the company, said in the statement on Wednesday.
“In the first quarter of 2018, pro forma new orders and deliveries were 10,910 and 9,994, respectively, which exceeded the expectations for both companies. The integration is progressing exactly on target,” Stuart continued.