The Real Deal Miami

Lennar earns $39.7 million profit in second quarter

June 24, 2010 12:00PM

Lennar President and CEO Stuart Miller

Miami-based home builder Lennar, one of the largest in the nation,
reported $39.7 million in earnings for the second quarter, or 21 cents a
share, on $705.3 million in revenue. The company had reported a loss of
$125.2 million, or 76 cents a share, in the same period in 2009.
Analysts polled by Thomson Reuters had expected Lennar to report only a
break-even revenue, not profits. President and CEO Stuart Miller said
new sale orders were down 10 percent from the same period in 2009, with
all of the decline coming in May. He said he expected a general
improvement in the second half of the year, however. [SFBJ]