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Lennar raises the roof

Last updated: 09:53 21 Sep 2015 EDT, First published: 07:53 21 Sep 2015 EDT

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The sales pipeline is looking healthy, with new orders rising 10% to 6,495 homes.

House builder Lennar (NYSE:LEN) topped expectations with its quarterly results, on the back of a steadily improving housing market.

Post-tax profit in the three months to the end of August rose to US$223mln from US$177.8mln in the corresponding period of last year.

Earnings per share rose to 96 cents from 78 cents the year before, and were comfortably ahead of the consensus forecast of around 81 cents.

House completions during the quarter rose 16%, while the value of new orders jumped 20% to US$2.3bn, with the average sale price climbing 5% to US$350,000.

The sales pipeline is looking healthy, with new orders rising 10% to 6,495 homes.

Revenue rose 24% to US$2.49bn and was ahead of market expectations of US$2.42bn.

"During the third quarter, the housing market continued to improve in its slow and steady manner, as demonstrated in the past few years,” said Stuart Miller, chief executive officer of the Miami-based company. 

“The new home and rental markets continued to have significant pent-up demand, which positions us well for years to come. This demand is driven primarily by a large production deficit built up over the last several years, an increasing millennial population, reasonable affordability levels and high-rental occupancy rates,” Miller added.


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