This morning, Lennar Corporation (NYSE:LEN) reported strong results for the quarter, due to tax gains and strong sales. Earnings per share were $2.06 per share and revenue was $930.2 million. Adjusted for one-time items, earnings were actually 21 cents per share. The company was expected to earn 17 cents on $886 million in revenue.
In the prior year quarter, the company earned 7 cents per share on $764 million in revenue.
The company reports that orders are up 40%, with margins and average sales prices increasing. The company's backlog for new homes increased 61 percent.
In the pre-market, shares rose 4.6%, to $28.65. The company's 52-week high is $30.12. Other homebuilders also rose in pre-market trading.
Competitors to Lennar include Toll Brothers (NYSE:TOL), PulteGroup, Inc. (NYSE:PHM), KB Home (NYSE:KBH), DR Horton Inc. (NYSE:DHI), Hovnanian Enterprises Inc. (NYSE:HOV), and Beazer Homes USA Inc. (NYSE:BZH).
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.