The company said its earnings totaled $309.59 million, or $1.29 per share. This was down from $313.45 million, or $1.34 per share, in last year's fourth quarter.
Analysts had expected the company to earn $1.48 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company said revenue for the quarter rose 12.1% to $3.79 billion. This was up from $3.38 billion last year.
Stuart Miller, chief executive officer of Lennar Corporation, said, "We are pleased to announce a strong fourth quarter and fiscal 2017, as we continued to execute on our strategies in all of our operating businesses.
"Although we missed fourth quarter, bottom-line guidance because a single, strategic transaction shifted into the first quarter of 2018, our core operating performance exceeded expectations. The proceeds from the shifted transaction will now benefit from a much lower federal tax rate."
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