Lennar Profit Jumps 11% In Q4, Beats Forecasts

Homebuilder Lennar Corp. on Monday said profit in the fourth fiscal quarter rose to $313.5 million, or $1.34 per share, from $281.6 million, or $1.21 a share, in the same quarter last year. Revenue climbed to $3.38 billion from $2.95 billion last year. Analysts surveyed by FactSet expected earnings of $1.28 a share on revenue of $3.3 billion. New orders rose 9% to 6,598 homes during the quarter. "We have consistently believed that the housing market is continuing its slow and steady recovery, and we have crafted our operating strategies specifically to position our company to grow at a measured pace and to act opportunistically in these market conditions," said chief executive Stuart Miller, in the earnings release.