UPDATE: Lennar Reports 65% Decline In FQ2 Net Profit

Lennar Corp (NYSE:

) reported a 65% drop in its fiscal second-quarter net profit on Thursday. Lennar's quarterly net profit fell to $13.8 million, or $0.07 per share, from $39.7 million, or $0.21 per share, in the year-earlier period. Its revenue declined 6% to $764.5 million. Operating earnings from the group's financial services arm dipped to $2.5 million from $13.7 million. Analysts were expecting earnings of $0.04 per share on revenue of $644 million. Lennar shares dropped 0.55% to $18.00 in after-hours trading. Read more