Lennar Earnings Beat Estimates as Home Prices Increase
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Lennar Corp., the biggest U.S. homebuilder by stock-market value, reported a quarterly profit that beat analysts estimates as the company raised its prices and delivered more properties.
Net income for the three months through May was $137.7 million, or 61 cents a share, little changed from a year earlier, the Miami-based company said in a statement today. The average of 14 analysts’ estimates was for earnings of 52 cents a share, according to data compiled by Bloomberg. Revenue jumped 27 percent to $1.8 billion.