The housing sector got its second impressive earnings report in as many days Monday morning, when Lennar (NYSE:LEN) announced profits that more than quadrupled for its fiscal third quarter.
For Q3, Lennar earned $87.1 million (40 cents per share), an astounding 320% better than year-ago profits of $20.7 million (11 cents per share), and far above analyst EPS expectations of 28 cents.
The earnings strength came amid strong demand, with new orders up 44% to 4,198 homes, as well as an increase in home-sales prices from $247,000 to $258,000. That resulted in a 34% boost in revenues to $1.1 billion.
The report comes one trading day after KB Home (NYSE:KBH) swung to a profit in its third quarter following two consecutive periods of losses.
LEN was trading up 2% in pre-market trading Monday.
– Kyle Woodley, InvestorPlace Assistant Editor