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Lennar’s Earnings More Than Quadruple on New-Home Demand

Lennar Corp., the third-largest U.S. homebuilder by revenue, said its quarterly profit more than quadrupled as demand for new houses climbed and a real estate recovery gained traction.

Net income for the third quarter ended Aug. 31 rose to $87.1 million, or 40 cents a share, from $20.7 million, or 11 cents, a year earlier, the Miami-based company said today in a statement. The average estimate of 19 analysts in a Bloomberg survey was for earnings of 28 cents a share.