Lennar rides US housing boom to exceed profit estimates

REUTERS: Lennar Corp beat quarterly profit estimates on Tuesday as historically low mortgage rates and a COVID-19 pandemic-induced shift to suburban living encouraged more Americans to buy homes.

"A combination of still low interest rates, strong personal savings rates during the pandemic, strong stimulus from the government, and solid household formation continue to drive demand," Executive Chairman Stuart Miller said. But Lennar's delivery forecast of between 14,200 homes and 14,400 homes was below expectations of 15,067 homes, as land constraints and soaring lumber prices limit homebuilding activity.The company's profit jumped more than two-fold in the first quarter to US$1 billion, buoyed by a one-time gain of US$469.7 million related to its investment in online real estate firm Opendoor Technologies Inc, which went public in December.

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