Lennar Profit Beats Estimates After Margins Improve
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Lennar Corp. reported a better-than-estimated third-quarter profit as margins on house sales improved and revenue grew at its distressed-investing division. The stock climbed the most in four months.
Profit for the three months ended Aug. 31 was $30 million, or 16 cents a share, compared with a loss of $171.6 million, or 97 cents, a year earlier, the Miami-based homebuilder said in a statement today. The average estimate from a Bloomberg survey of 16 analysts was for a profit of about 3 cents a share.