Lennar Corp. reported a better- than-estimated third-quarter profit as margins on house sales improved and revenue grew at its distressed-investing division. The stock climbed the most in four months.
Home sales haven’t recovered for the U.S. spring selling season, usually the busiest time for buyers, Lennar Corp. Chief Executive Officer Stuart Miller said.
Lennar Corp., the third-largest U.S. homebuilder by revenue, reported fiscal second-quarter earnings that beat analysts’ estimates as sales and prices jumped in a recovering U.S. real estate market.
"While a number of macroeconomic factors have contributed to ongoing choppiness in the recovery, with more pressure on sales prices and gross margins, we remain optimistic about the continuation of the recovery."
- Stuart Miller on Jan 15, 2015