Lennar revenue rises 12.1 pct on higher home sales

Industries Reuters

(Reuters)

No. 2 U.S. homebuilder Lennar on Wednesday reported higher-than-expected quarterly revenue as it sold more homes at higher prices, and said orders rose 11.5 percent.

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Orders climbed to 7,357 homes in the fourth quarter ended Nov. 30, from 6,598 a year earlier, while the average selling price for home deliveries rose 8.4 percent to $388,000.

Lennar's orders have climbed for at least five straight years as the U.S housing market recovered from the sub-prime crash of 2007-2008.

Total revenue rose 12.1 percent to $3.79 billion, beating the average analyst estimate of $3.57 billion, according to Thomson Reuters I/B/E/S.

Net income attributable to Lennar fell 1.2 percent to $309.6 million, or $1.29 per share, missing the average estimate of $1.48 per share. The company blamed the shift of a "strategic" deal into the first quarter of 2018 for the decline in profit.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)