Lennar Beats Expectations as Homebuilding Business Drives Results

Shares of Lennar are climbing in Wednesday trading after the homebuilder reported better-than-expected third quarter earnings. Lennar said it earned $177.8 million, or 78 cents a share, in the quarter, up from $120.7 million, or 54 cents a share last year. The company said deliveries of homes rose 9%, new orders of homes rose 23% and the average sales price of homes delivered increased to $332,000 from $291,000 in the same quarter last year. Lennar CEO Stuart Miller said, 'While our homebuilding business continues to be the primary driver of our quarterly earnings, we are extremely well positioned across all of our platforms to continue to produce industry-leading results.'