Lennar Corp. Reveals Retreat In Q1 Profit, misses estimates

(RTTNews) - Lennar Corp. (LEN.B) revealed a profit for first quarter that decreased from the same period last year and missed the Street estimates.

The company's earnings totaled $0.50 billion, or $1.69 per share. This compares with $1.00 billion, or $3.20 per share, in last year's first quarter.

Analysts on average had expected the company to earn $2.60 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 16.3% to $6.20 billion from $5.33 billion last year.

Lennar Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $0.50 Bln. vs. $1.00 Bln. last year. -EPS (Q1): $1.69 vs. $3.20 last year. -Analyst Estimates: $2.60 -Revenue (Q1): $6.20 Bln vs. $5.33 Bln last year.