MIAMI (

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Lennar

(LEN) - Get Report

, the homebuilder, swung to a profit in the third quarter as revenue rose and home deliveries were higher.

Lennar said third-quarter earnings were $30 million, or 16 cents a share, a reversal from a year-earlier loss of $171.6 million, or 97 cents.

Analysts surveyed by Thomson Reuters expected Lennar to earn 5 cents a share.

Revenue rose 14% to $825 million; analysts were expecting revenue of $777.5 million.

Lennar, however, said new orders fell 15% to 2,624 homes as the government's first-time homebuyers' tax credit expired.

New home deliveries increased to 2,909 homes in the quarter from 2,660 homes last year. At the same time, the average sales price of homes delivered increased to $240,000 from $239,000 a year earlier.

Sales incentives offered to homebuyers were $30,600 for each home delivered in the quarter, or 11.3% as a percentage of home sales revenue, compared with $42,200 for each home delivered in the same period last year, or 15% as a percentage of home sales revenue.

Lennar said it remains optimistic that its core businesses are on the right track to achieving "sustainable profitability" as the housing market recovers. The company also said that even though high unemployment and foreclosures have continued to present challenges for the national housing market, its communities have been less impacted than the broader market.

-- Written by Joseph Woelfel

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