Homebuilder Lennar Reports Lower Income, Sales

Miami, FL, June 23, 2011 -- Homebuilder Lennar said its net income dropped 65% in its second quarter compared with last year, when it recorded a big tax benefit.

For the three months ended May 31 Lennar earned $13.8 million, or $0.07 per share. That compares with $39.7 million, or $0.21 per share, a year ago.

Lennar's revenue fell 6% to $764.5 million from $814.5 million.

The Miami company's Rialto Investments unit, which buys distressed real estate investments, saw its operating earnings climb to $9.8 million from $5.1 million.

Home deliveries fell 8% to 2,682 homes, while new orders were flat at 3,204 homes. Lennar's backlog dipped 1% to 2,470 homes.