Earnings

Lennar sees 2020 home sales above estimates as lower prices boost demand

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A contractor carries boards through a house under construction at the Lennar Corp. Tree Tops community development in Lancaster, South Carolina, U.S., on Monday, Jan. 8, 2018.

Travis Dove | Bloomberg | Getty Images

Lennar on Wednesday forecast 2020 home sales above analysts’ estimates, encouraged by strong demand on the back of lower home prices and mortgage rates, sending its shares up 3%.

The U.S. No. 2 homebuilder said it expects to deliver between 54,000 and 55,000 homes in 2020. Analysts on average were expecting 53,954 unit sales, according to IBES data from Refinitiv.

Lennar also forecast full-year gross margins to be in the range of 20.5% to 21.0%, above analysts’ estimates of…



Source cnbc.com

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