Lennar Corp. has better than expected third quarter

homebuilder-lennar-corporation-thinks-the-us-housing-market-is-starting-to-stabilizeLennar Corp., the second-biggest U.S. homebuilder by stock-market value, is reporting fiscal third-quarter earnings that beat analysts’ estimates.

The firm’s net income in the three months through August was $177.8 million, or 78 cents a share, compared with $120.7 million, or 54 cents, a year earlier, according to the Miami Herald.

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Increased prices account for a portion of the boosted earnings. The builder’s third-quarter orders rose 23 percent to 5,889 homes with a value of $1.9 billion from 4,785 homes and $1.5 billion a year earlier, the company reported.

“Lennar appears to have pulled off in its fiscal third quarter what others have not yet been able to this summer: strong orders, growing average selling prices, and strong gross margins,” said Megan McGrath, an analyst with MKM Partners LLC. [Miami Herald]Christopher Cameron