UPDATE: Lennar Posts Higher Q1 Earnings

Lennar (NYSE: LEN) reported better-than-expected first-quarter earnings.

Lennar's quarterly earnings surged to $78.1 million, or $0.35 per share, versus $57.5 million, or $0.26 per share, in the year-earlier quarter.

Its revenue rose 38% to $1.4 billion. However, analysts were estimating earnings of $0.28 per share on revenue of $1.25 billion.

Lennar shares closed at $41.34 yesterday.