NEW YORK (TheStreet) -- Shares of Lennar Corp. (LEN) are up 3.25% to $40.40 in pre-market trade after the homebuilder reported fiscal third-quarter earnings that beat analysts' estimates as it sold more homes at higher prices, Bloomberg reports.
Net income in the three months through August was $177.8 million, or 78 cents per share, compared with $120.7 million, or 54 cents, a year earlier, the company said. The average of 20 analyst estimates was for earnings of 67 cents a share, according to Bloomberg data.
Lennar has boosted earnings by raising prices and using its large size to save money on materials and land purchases as demand for new houses remains uneven, Bloomberg said.
Orders increased 23% to 5,889 homes with a value of $1.9 billion, from 4,785 homes and $1.5 billion a year ago.
Revenue jumped 26% to $2 billion. The number of houses delivered was up 9%t to 5,457.
TheStreet Ratings team rates LENNAR CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LENNAR CORP (LEN) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, increase in stock price during the past year, increase in net income and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."