Homebuilder Lennar beats estimates, says market remains ‘constructive’

Homebuilder Lennar Corp. Inc. LEN on Thursday reported third-quarter results that beat estimates, as the market “remained constructive for new homebuilders,” the company said. Lennar reported third-quarter net income of $1.11 billion, or $3.87 a share, compared with $1.47 billion, or $5.

03 a share, in the same quarter last year. Revenue of $8.73 billion was down from $8.93 billion in the prior-year quarter, amid a drop in prices for home deliveries. Analysts polled by FactSet expected earnings of $3.52 a share, on sales of $8.49 billion. Chief Executive Stuart Miller said that market conditions for homebuilders “remained...

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