Lennar Quarterly Profit Beats Estimates as Prices Climb
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Lennar Corp., the third-largest U.S. homebuilder by revenue, reported a jump in quarterly earnings that beat analyst estimates as the company sold more homes and raised prices.
Net income climbed to $120.7 million, or 54 cents a share, in the three months through August from $87.1 million, or 40 cents, a year earlier, the Miami-based company said in a statement today. Analysts expected Lennar to earn 45 cents, the average of 18 estimates compiled by Bloomberg.