Builder Lennar Swings To Profit

Miami, FL, Sept. 20, 2010--Home builder Lennar Corp. reported income of $30 million, or $0.16 per share, for the three months ended Aug. 31, compared to a loss of $171.6 million, or $0.97 a share, a year earlier.

New orders fell 15% to 2,624 homes as the government's first-time homebuyers' tax credit expired.

Lennar said average home prices rose slightly, while incentives were reduced.

Revenue rose 14% to $825 million from $720.7 million last year.