US housebuilding giant Lennar Corp’s latest quarter (NYSE:LEN) outstripped market forecasts as it predicted a further steady recovery in housing demand.
Earnings in the three months to November were US$1.34 compared to expectations of US$1.27.
Revenues rose 14.6% to US$3.38bn as house completions picked up 7% to 8,228, while orders were 9% higher at 6,598 units worth about US$2.4 bn.
“Our core homebuilding business continued to produce strong operating results in the fourth quarter as our home deliveries and new orders increased 7% and 9%, respectively, compared to last year, while our gross and operating margins were 23.3% and 14.6%, respectively,” it said.
Shares rose 3% to US$44.90.