Builder Lennar Reports Surge in Orders

Miami, FL, March 27, 2012 -- Homebuilder Lennar reported its biggest increase in orders in nearly a year although its first-quarter net income fell 45% because of a year-earlier gain.

For the quarter ended Feb. 29, the Miami-based builder firm earned $15 million, or $0.08 a share, compared with $27.4 million, or $0.14 a share, in the year-earlier period.

The year-ago share number reflects $0.19 from a litigation settlement.

Revenue rose 30% to $724.9 million from $558 million.

New orders rose 33% to 3,022 homes.

"Low home prices and low interest rates have stabilized the market, and the idea of buying a home is more attractive than looking in a heated rental market," CEO Stuart Miller said in a press release.