Lennar Beats On Profit As Home Deliveries Climb

By Markets MarketWatch Pulse

Homebuilder Lennar Corp. said on Tuesday fiscal third-quarter earnings jumped to $235.8 million, or $1.01 a share, up from $223.3 million, or 96 cents a share, in the year-ago period. Revenue rose to $2.8 billion, up 14% from the $2.5 billion reported a year ago. Analysts polled by FactSet expected earnings of 90 cents a share on revenue of $2.7 billion. Home deliveries rose 7% to 6,779 homes during the quarter, while new orders climbed 8%. "We have continued to focus our land spend on high quality, 'A' locations while also ramping up our first-time homebuyer land positions as that segment of the market continues to improve," said Stuart Miller, Lennar CEO, in the earnings statement. Shares rose 2.8% premarket.

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