Builder Lennar Swings to Second-Quarter Profit

Miami, FL, June 24, 2010--Homebuilder Lennar Corp. said net income totaled $39.7 million, or $0.21 per share, in the period ended May 31 compared to a loss of $125.2 million, or $0.76 a share, the same quarter last year.

Revenue fell 9% to $814.5 million from $891.9 million the year before.

"During the second quarter, we continued to see a housing market that was trying to stabilize," said CEO Stuart Miller in a press release.

"As expected, this stabilization process was impacted by the expiration of the Federal homebuyer tax credit at the end of April."

New orders of homes fell 10% from 2009, with the entire decline coming in May.

Miller said he expects housing demand to improve in the second half of the year.

"The tax credit expiration accelerated sales activity to the pre-May period and it may take a couple of months for demand to rebuild," Miller said.