Lennar Profit Up 39% on Higher Sales, Prices
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Lennar Corp., the third-largest U.S. home builder by stock market value, said earnings climbed at the fastest pace in six quarters in the three months through February as sales jumped and prices rose. The company raised its forecast for fiscal 2005 profit.
Profit in its fiscal first quarter increased 39% to $193.2 million, or $1.17 a share, from $139.3 million, or 84 cents, a year earlier, the Miami-based company said. Revenue rose 29% to $2.4 billion as home sales gained 17%.
Lennar shares increased 73 cents to $55.60 on the NYSE.
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