Builder Lennar Says Quarterly Profts Quadrupled

Miami, FL, Jan. 15, 2013 -- Home builder Lennar reported that its fourth quarter net income quadrupled to $124.3 million.

"During our fourth quarter, the housing industry took further steps toward a sustained recovery," said CEO Stuart Miller in a press release.

"Low mortgage rates, affordable home prices, reduced foreclosures and an extremely favorable 'rent vs. own' comparison continue to drive the recovery. Housing should continue to assume its traditional role in the broader economic recovery, driving employment upward, increasing consumer confidence and helping new homeowners accumulate wealth through home ownership, thus helping to accelerate economic growth."

Lennar said its orders for the year were up 37% to 15,684 homes. Revenue was up by 42% to $1.3 billion for the quarter.