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Lennar shows profit in third quarter

September 21, 2010 12:00PM

The company earned $30M

Miami-based Lennar, one of the largest home building companies in the
nation, showed third-quarter earnings of $30 million, or 16 cents per
share, on revenue of $825 million, the second straight quarter the
company has turned a profit. In the prior-year period ending Aug. 31,
the company reported a loss of $172 million, or 97 cents per share. President and CEO
Stuart Miller said the company’s real estate investment strategy was
showing positive results. The company’s Rialto Investments, which buys
distressed properties, added $7.7 million in operating earnings to the
company’s bottom line. [SFBJ]