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Lennar Corporation profit beats estimates as home sales rise

Staff Writer | March 21, 2017
Lennar Corporation reported a higher-than-expected quarterly profit as the housing market benefited from an improving job market and rising wages.
Lennar Corporation
Lennar   The company sold 5,453 homes in the quarter
Orders, a key indicator of future revenue for homebuilders, rose about 12 percent to 6,483 homes in the first quarter ended February 28.

The Florida-based builder said it sold 5,453 homes in the quarter, compared with 4,832 homes last year. The average sales price remained flat at $365,000.

Net income attributable to Lennar shareholders fell to $130.8 million, or 56 cents per share, in the quarter from $144.1 million, or 63 cents per share, a year earlier.

Excluding items, the company earned 59 cents per share. Revenue rose to $2.34 billion from $1.99 billion.