Lennar Narrows Third-Quarter Loss

Revenue in the quarter falls 53%.
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Homebuilder

Lennar

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reported a narrower third-quarter loss as it repositioned its product to meet demand and reduced construction costs.

Lennar reported a third-quarter loss of $89 million, or 56 cents a share, compared with a year-earlier loss of $513.9 million, or $3.25 a share.

Revenue in the quarter fell 53% to $1.1 billion.

Home deliveries in the third quarter were 3,791, down 50%, while new orders of 3,387 homes fell 42% from a year earlier.