Fiscal-second-quarter net income leaped 61% on 22% higher lower revenue in the period, the company said in a statement.
The company also increased its target for the amount of assets it earlier had said it would spin off.
The stronger-than-expected report comes as post-pandemic demand for housing in the U.S. is nothing short of frenzied.
On the supply side, Reuters reports, Commerce Department data on Wednesday showed that U.S. homebuilding rebounded less than expected in May. That's because expensive lumber and shortages of other materials constrained builders.
For the quarter ended May 31, the Miami company earned $831.4 million, or $2.65 a share, compared with $517.4 million, or $1.65 a share, in the year-earlier quarter.
Revenue reached $6.43 billion from $5.29 billion.
A survey of analysts polled by FactSet produced consensus estimates of earnings of $2.38 a share on revenue of $6.1 billion.
Lennar shares were little changed in after-hours trading Wednesday. They closed the regular session down 1.3% at $91.34. The stock hit a 52-week high $110.61 on May 10.
Gross-profit margin on home sales in Q2 was 26.1%, up from 21.6%.
"During the second quarter, the housing market remained very strong across the country, even as interest rates mildly ticked up,” Executive Chairman Stuart Miller said in a statement.
“A combination of strong personal savings rates during the pandemic, strong stimulus from the government and a developing return to normalcy continued to drive the economy forward while bringing the housing market to new heights."
In the quarter Lennar delivered 14,462 homes, up 14% from a year earlier. The average price of the delivered homes was $414,000, up 6.4%.
Analysts in the FactSet survey were looking for 14,346 deliveries at an average $405,540.
Customers ordered 17,157 homes in the quarter, up 32% from a year earlier. FactSet's survey called 16,641 new orders.
At May 31 Lennar’s backlog was 24,741 homes, up 38% from a year earlier. The dollar value of that backlog was $11 billion, up 56%.
For the third quarter, Lennar expects to deliver 15,800 to 16,100 homes. FactSet's survey was looking for 17,845 deliveries.
Q3 homebuilding gross margin should come in between 27% and 27.5%, ahead of the company's guidance, Lennar said.
Lennar now expects to spin off an asset base of $5 billion to $6 billion, compared with a targeted $3 billion to $5 billion it had been mulling.
Most recently, Lennar yesterday said it broke ground on its first single-family-home development in West Virginia. It's building 27 homes at Shenandoah Junction, W.Va., which is 90 minutes west of Baltimore and 90 minutes northwest of Washington.