UPDATE: Lennar Posts Surge In FQ3 Profit

Lennar

reported a strong rise in its fiscal third-quarter earnings. Lennar's quarterly profit surged to $87.1 million, or $0.40 per share, from $20.7 million, or $0.11 per share, in the year-ago period. Its revenue climbed 34% to $1.1 billion. However, analysts were expecting earnings of $0.28 per share on revenue of $1.05 billion. Lennar's gross margin on home sales climbed to 23.2% from 21.2%, while new home deliveries gained 28% to 3,655 homes. Its orders increased 44% to 4,198 homes. Lennar shares fell 1.79% to $36.84 at 12:52 pm.