Lennar's Profit Declines 31%
MIAMI (TheStreet) -- Lennar (LEN), the homebuilder, said fiscal third-quarter profit declined 31% as home deliveries fell 3%.
Lennar earned $20.7 million, or 11 cents a share, in the third quarter, down from year-earlier earnings of $30 million, or 16 cents.
The EPS figure met analysts' expectations.
Revenue in the quarter dropped 1% to $820.2 million. Analysts were expecting revenue of $794.4 million.
Lennar said it has "seen demand for home purchases slowly return to the marketplace, driven by low home prices and all-time low interest rates," but limiting the demand is "tight and tightening lending standards, high unemployment and low overall consumer confidence, which continue to weigh heavily on the purchase of new homes." Home deliveries in the quarter fell 3% to 2,865 homes. New orders rose 11% from a year earlier to 2,914 homes. -- Written by Joseph Woelfel>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: tips@thestreet.com.
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