NEWHALL LAND PARENT'S PROFITS GROW 21% LENNAR'S Q2 EARNINGS BOOSTED BY HOUSING DEMAND.Byline: Staff and wire services Newhall Land part-owner Lennar Corp. - one of the nation's largest home builders - said Tuesday its second-quarter earnings grew 21 percent on strong demand and favorable pricing conditions. The Miami-based firm that built Stevenson Ranch Stevenson Ranch, California (in the 91381 ZIP Code) is a Los Angeles County, USA, unincorporated community west of Santa Clarita a few miles south of Six Flags Magic Mountain amusement park. The Stevenson Ranch fountain was redone in 2007. and acquired half of The Newhall Land and Farming Company The Newhall Land and Farming Company is a land management company based in Valencia, California, United States. The company is responsible for the master community planning of Valencia, as well as the management of farm land elsewhere in the state. more than a year ago reported earnings of $243.5 million, or $1.48 per share, for the three month- period ending May 31. It increased from $201.4 million, or $1.22 per share, the same period a year ago. The results beat Wall Street estimates. On average, analysts surveyed by Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings were looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a second-quarter profit of $1.28 per share on revenue of $2.74 billion. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the rose to $233.2 million, or $1.42 per share, from $201.2 million, or $1.22 per share, while revenue grew to $2.93 billion from $2.34 billion last year. Shares of Lennar closed Tuesday at $63.41 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , up $1.34 or 2.16 percent from $62.07 Monday. Stuart Miller, the company's president and chief executive officer, attributed the results to strong housing demand in key markets, including the East and West coasts. ``The home building industry and Lennar in particular continue to thrive on strong consumer demand as a result of positive economic and demographic trends, particularly in land-constrained markets,'' Miller said in a statement. ``As the industry has continued to benefit from favorable market conditions, we have continued to focus on strengthening our strategic market positions via both organic and acquisitive growth.'' In California, Lennar and its affiliates have some 120 projects for sale or under construction, stretching from Sacramento south to northern San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County. Newhall Land, which Lennar acquired for $990 million in 2004 with an investment partner, is excluded from the company bottom line until 2006, officials have said. The local developer recently won approval for its 1,089-home Riverpark project in Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, and is preparing the 2,200-home West Creek project in unincorporated Valencia. Also on the horizon is the 21,000-home Newhall Ranch project in the hills west of Interstate 5. Lennar also sharply raised its target for 2005 earnings from continuing operations to $7.80 per share from a prior estimate of $7.15 per share. Including a 13-cent charge for the redemption of the company's 9.95 percent senior notes, 2005 earnings from continuing operations are expected to come in at $7.67 per share. On average, analysts are predicting operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $7.21 per share for fiscal 2005. ``Demand for our homes remained strong during the first half of 2005, and our record $7.3 billion backlog provides us with excellent visibility for the second half of our fiscal year,'' Miller said. ``Given our strong balance sheet, strategic market positions and record backlog, we are comfortable increasing our 2005 earnings per share goal.'' |
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