Builder Lennar Reports Surge in Income, Orders

Miami, FL, Sept. 24, 2013 -- Homebuilder Lennar Corp., reported that third quarter net income climbed to $120.7 million, or $0.54 share from $87.1 million, or $0.40 per share a year earlier.

Revenue rose to $1.6 billion from $1.1 billion a year ago.

“We continue to see long-term fundamental demand in the market driven by the significant shortfall of new single-family and multi-family homes built over the last five years.” Lennar CEO Stuart Miller said in a press release.

“While there may be bumps along the road that may impact the short-term pace of the recovery, the long-term outlook for our business remains extremely bright.”

The number of houses delivered increased to 4,990 houses from 3,655. The average sales price increased to $291,000 from $258,000, and orders rose 14% to 4,785 homes.