Builder Lennar Reports Higher Earnings, Revenues

Miami, FL, March 29, 2016 -- Homebuilder Lennar reported first quarter net income of $144.1 million, or $0.63 per share, compared to $115.0 million, or $0.50 per share, a year ago.

The firm, one of the nation's largest builders, reported revenues of $2.0 billion, up 21%, from last year. It delivered 4,832 homes, up 12% over the first quarter 2015.

New orders totaled 5,794 homes, which was also up 10%, and its backlog was 7,670 homes, an increase of 13%.

CEO Stuart Miller said the company's pre-tax earnings of $201.7 million were the highest since 2006.

"We continue to believe that the housing market is continuing its slow and steady recovery driven by years of under production, tight inventory levels, attractive interest rates and the lowest unemployment levels since 2008," Miller said in a press release.