Jim Cramer on Lennar Earnings: “Technically Mixed But Mostly Bad Set of Numbers”

“Let’s commencement with Lennar. It turned successful a technically mixed but mostly atrocious acceptable of numbers connected Tuesday night. The bully news, deliveries came successful amended than expected, up 4% year-over-year. Total revenues besides amazed the upside, though they inactive declined 6% from the erstwhile year. That’s not good. Within the halfway location gathering segment, revenues and mean income terms some exceeded expectations adjacent arsenic they represented declines of 7 and 10%, respectively. The atrocious news, the astir important thing, profitability, oregon the deficiency thereof. Lennar’s home-building gross borderline came successful astatine 17.0%. That was down implicit 500 ground points year-over-year and good beneath expectations. I ever look astatine gross margins erstwhile I bash location builders. That’s my fig 1 metric.