Builder Lennar Sees Orders, Closings Surge
Miami, FL, March 22, 2013 -- Homebuilder Lennar reported a first-quarter profit of $57.5 million, well above market expectations.
The firm reported first quarter revenue of $989.9 million as new orders were up 34% and closings were up 28%.
President Rick Beckwitt said on a conference call that the company was seeing a stronger start to the spring selling season than last year.
Sales prices were up 9% year over year, compared to a 4% increase in costs.
The firm said on a conference call that strict mortgage underswriting requirements are dampening demand.