Lennar Shares Fall On Decreased Q3 Profit

(RTTNews) - Shares of home builder Lennar Corporation (LEN) are falling more than 4% Friday morning after reporting lower profit as well revenue in the third quarter.

Net earnings in the third quarter were $1.109 billion, or $3.87 per share, lower than $1.467 billion, or $5.03 per share in the same quarter a year ago.

Excluding one-times, earnings were $1.1 billion or $3.91 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $4.09 per share.

Quarterly revenue declined to $8.729 billion from $8.934 billion last year. The consensus estimate was for $9.36 billion.

LEN is at $112.27 currently. It has traded in the range of $69.90 - $133.24 in the last 1 year.