Published on Friday, January 08, 2010
By LA Daily News Staff Writer
Lennar Corp.'s stock rose more than 15 percent Thursday after the CEO said he sees a trend in rising prices and anticipates the homebuilder will be profitable this year.
"Prices are no longer free-falling downward and in fact in many instances, are actually starting to stabilize and even recover," Stuart Miller said. "I feel comfortable today saying that this is a trend and not an anomaly."
Miller added that he expects the company, which has operations in California and 16 other states, will ramp up hiring as it begins to build new home developments this year. That's a clear signal Lennar is betting the real estate recovery, while shaky, will hold.
The remarks followed Lennar's report that new home orders rose in its fourth quarter for the first time in more than three years. The company also posted its first profit since 2007, thanks largely to a tax adjustment. The builder, however, warned it expects to post a loss in the first quarter
Read Full Article...
Comment/Review this Podcast:
Give us your feedback
LA Daily News is interested in hearing what you think about our Podcasts.
You can give us your feedback by filling out our Audience Survey or email us directly at dailynews@shortcutlink.com.
RSS
