Homebuilder Lennar Reports Lower Profit

Miami, FL, Jan. 11 2011 -- Homebuilder Lennar reported income of  $32 million, or $0.17 per share, for the three months ended Nov. 30.

That's down 10% from $35.6 million, or $0.19 per share, from a year ago.

The number beat expectations.

Revenue fell 6% to $860.1 million from $913.7 million.

Lennar said Tuesday that deliveries declined 12% to 3,089 homes, while new orders fell 5% to 2,520 homes.

 “Although high unemployment, tight lending standards and low consumer confidence continue to present challenges for the housing industry, we are confident that 2011 will be another profitable year," said CEO Stuart Miller.