Lennar 2Q Profit Beats Estimates on Higher Home Sales
Lennar, the second biggest U.S. homebuilder, reported a higher-than-expected quarterly profit as it sold more homes at higher prices in the crucial spring selling season.
Orders, a key indicator of future revenue for homebuilders, rose 9.5 percent to 7,962 homes in the second quarter ended May 31.
"The homebuilding market continued its slow and steady recovery," Chief Executive Stuart Miller said in a statement.
The Florida-based builder said number of homes sold rose about 12 percent to 6,724 homes, while average sales price increased 4 percent to $363,000.
The net income attributable to Lennar shareholders rose to $218.5 million, or 95 cents per share, from $183 million, or 79 cents per share, a year earlier.
Revenue rose 14.8 percent to $2.75 billion.
Analysts on average had expected the company to earn 86 cents per share on revenue of $2.53 billion, according to Thomson Reuters I/B/E/S.
Up to Monday's close, the company's shares had fallen 4.6 percent this year.
(Reporting by Arunima Banerjee in Bengaluru; Editing by Anil D'Silva)