Builder Lennar Reports Profit, Fewer Sales

Miami, FL, March 29, 2011 -- Homebuilder Lennar Corp. posted an unexpected first-quarter profit.

However, the firm sold fewer homes and reported a decline in new home orders.

Lennar said that it earned $27.4 million, or $0.14 per share, for the period ended Feb. 28. That compares with a loss of $6.5 million, or $0.04 per share, a year ago.

Revenue dropped 3% percent to $558 million from $574.4 million.

Its Rialto unit, which buys troubled loans and properties from banks, posted a $23 million operating profit compared with a loss of $1 million a year earlier.