Builder Lennar Sees Quarterly Profit Surge
Miami, FL, Dec. 18, 2013 -- Florida-based homebuilder Lennar reported that fourth-quarter profit rose to $164.1 million, or $0.73 a share, from $124.3 million, or $0.56 a share, a year ago.
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Revenue rose 42% to $1.92 billion from $1.35 billion last year.
Analysts expected earnings of 62 cents a share on revenue of $1.88 billion.
Home deliveries rose 27% in the period, while new orders rose 13%.
"While the political and interest-rate environment and our previously initiated price increases tempered new-sales orders in the fourth quarter, we were still pleased with our overall performance," said CEO Stuart Miller in a press release.