Homebuilder Lennar Posts Profit on Tax Break

Miami, FL, Jan. 7, 2010--Homebuilder Lennar Corp. said it posted a profit in the fourth quarter, helped by an adjustment in its income taxes.

Lennar said it earned $35.6 million, or 19 cents per share, in the quarter ended Nov. 30. It had a loss of $811 million, or $5.12 a share, a year earlier.

Without the tax benefit, the Miami-based homebuilder lost $284.9 million, or $1.15 per share. Analysts were expecting a loss of 48 cents a share.

Revenue fell 29 percent to $913.7 million from $1.28 billion, due to a 22 percent drop in the number of home deliveries and a 9 percent decline in average selling price.