Lennar 2Q profit falls but tops Wall St. forecast

June 23, 2011 - 6:29 AM

MIAMI (AP) — Lennar Corp.'s net income dropped 65 percent in its fiscal second quarter partly on the absence of an income tax benefit but managed to beat analysts' expectations as home deliveries declined.

The homebuilder earned $13.8 million, or 7 cents per share, for the three months ended May 31. That compares with $39.7 million, or 21 cents per share, a year ago.

Analysts expected earnings of 4 cents per share.

Revenue fell 6 percent to $764.5 million from $814.5 million, but still topped Wall Street's $644 million forecast.

Home deliveries slipped 8 percent to 2,682 homes, while new orders were flat at 3,204 homes.

Lennar builds homes in 17 states and is one of the nation's largest builders of senior housing communities. Its Rialto Investments unit buys distressed real estate investments.