Originally published at www.seclive.com
Lennar Corp. (NYSE:LEN) announced its third quarter financial results for the fiscal year 2013, reporting profits that jumped 39%. The homebuilder has seen a marked increase in demand with lower interest rates helping stimulate buyers into a recovering housing market. Profit was $120.7M, or $0.54 earnings per share, up from $87.1M and $0.40 earnings per share this quarter last year. Revenue sharply increased 46% to $1.6B while the company's gross margin improved from 23.2% to 24.9%. Lennar's average home sales price increased 16% while its orders improved 14% to 4,990 homes. Currently the company has a backlog of 5,958 homes, a 32% increase from last year, as supply has been unable to keep up with demand. CEO Stuart Miller commented that the company is well-positioned for continuing business as the market is currently short on newer homes built in the last five years.
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