“Technically Mixed But Mostly Bad Set of Numbers”
Lennar Corporation (NYSE:LEN) is one of the stocks Jim Cramer offered insights on. Cramer said that the company posted “mostly bad set of numbers,” as he remarked:
“Let’s start with Lennar. It turned in a technically mixed but mostly bad set of numbers on Tuesday night. The good news, deliveries came in better than expected, up 4% year-over-year. Total revenues also surprised the upside, although they still declined 6% from the previous year. That’s not good. Within the core home building segment, revenues and average sales price both exceeded expectations even as they represented declines of 7 and 10%, respectively. The bad news, the most important thing, profitability, or the lack thereof. Lennar’s home-building gross margin came in at 17.0%. That was down over 500 basis points year-over-year and well below expectations. I always look at gross margins when I do home builders. That’s my number one metric.
