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Strong deliveries lift Lennar Q3 profit
By A.Ananthalakshmi |
September 21, 2010, Tuesday
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Print Edition
Print Edition
LENNAR Corp, the third-largest United States home builder, posted a better-than-expected third-quarter profit as deliveries jumped.
However, Lennar said new orders during the period fell 15 percent to 2,624 homes, and that expiration of a home buyer tax credit hurt sales.
For the June-August quarter, Lennar posted earnings of US$30 million, or 16 cents a share, compared with a loss of US$171.6 million, or 97 cents per share, a year ago.
Revenue rose 14 percent to US$825.0 million, as deliveries jumped 10 percent to 2,950 homes.
Analysts were expecting a profit of 6 cents a share on revenue of US$777.5 million, according to Thomson Reuters I/B/E/S.
Lennar and other home builders had benefited from a federal tax credit, but the credit expired in April.
However, Lennar said new orders during the period fell 15 percent to 2,624 homes, and that expiration of a home buyer tax credit hurt sales.
For the June-August quarter, Lennar posted earnings of US$30 million, or 16 cents a share, compared with a loss of US$171.6 million, or 97 cents per share, a year ago.
Revenue rose 14 percent to US$825.0 million, as deliveries jumped 10 percent to 2,950 homes.
Analysts were expecting a profit of 6 cents a share on revenue of US$777.5 million, according to Thomson Reuters I/B/E/S.
Lennar and other home builders had benefited from a federal tax credit, but the credit expired in April.
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