UPDATE: Lennar Q3 Net Profit Surges 39%

Lennar (NYSE: LEN) reported a 39% rise in its third-quarter net profit.

Lennar's quarterly net profit surged to $120.7 million, or $0.54 per share, from $87.1 million, or $0.40 per share, in the year-ago period.

Its revenue rose 46% to $1.6 billion from $1.1 billion, while new orders climbed 14%. However, analysts were estimating earnings of $0.45 per share on revenue of $1.55 billion.

Lennar shares closed at $34.54 yesterday.