Lennar posts strong 4Q on new orders, deliveries
MIAMI (AP) — New orders and home deliveries continue to climb at Lennar as net income more than quadrupled in its fiscal fourth quarter partly because of a tax benefit.
The homebuilder also reported a sharp rise in its order backlog, a sign of potential future housing revenue.
Its shares edged up 21 cents to $41.23 in premarket trading Tuesday.
Miami-based Lennar sells homes for entry level and move-up buyers as well as retirees.
Lennar CEO Stuart Miller said in a statement that the housing recovery continues to move forward and should continue to move into its traditional role in the economic recovery — helping to supply jobs and boost consumer confidence.
Homebuilders are a bellwether for the housing market and the economy. While new homes represent less than one-fifth of the total housing market, construction of houses has a major impact on the economy.
For the three months ended Nov. 30, Lennar Corp. earned $124.3 million, or 56 cents per share. That's sharply higher than the $30.3 million, or 16 cents per share, that the company earned a year ago.