Lennar 4Q net income falls, new orders rise
MIAMI (AP) — Lennar Corp.'s fiscal fourth-quarter net income dropped 5 percent, partly on higher expenses, but revenue rose as the homebuilder delivered more homes.
Lennar also said Wednesday that the housing market is starting to stabilize because of low home prices and low interest rates.
The Miami company said it earned $30.3 million, or 16 cents per share, for the period ended Nov. 30. That's down from $32 million, or 17 cents per share, a year ago.
Revenue climbed 11 percent to $952.7 million from $860.1 million.
Analysts forecast earnings of 17 cents per share on revenue of $874.6 million.
Lennar said home deliveries rose 9 percent to 3,375 homes, while new orders increased 20 percent to 3,027 homes. Backlog rose 35 percent to 2,171 homes.