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Lennar said on Monday that orders, a key indicator of future
revenue for homebuilders, rose 10.3 percent across all regions,
except Houston, in the third quarter.
Orders in Houston, which accounts for about 10 percent of
Lennar's homebuilding revenue, fell 12 percent.
U.S. building permits rose 3.5 percent in August to a 1.17
million-unit pace, after declining 15.5 percent in July, while
housing starts remained above the 1 million-unit pace for the
fifth straight month, Commerce Department data showed last week.
The net income attributable to Lennar rose to $223.3 million, or
96 cents per share, in the quarter ended Aug. 31 from $177.8
million, or 78 cents per share, a year earlier.
Total revenue rose 24 percent to $2.49 billion.
Analysts on average had expected earnings of 79 cents per share
and revenue of $2.41 billion, according to Thomson Reuters
I/B/E/S.
Lennar's shares closed at $51.75 on Friday on the New York Stock
Exchange.
Up to Friday's close, the stock had risen 15.5 percent this
year, while the Dow Jones Home Construction Index had risen 14
percent.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel
and Kirti Pandey)
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