Lennar swings to a year-end profit

Miami-based home builder Lennar reported a fourth-quarter net income of $32 million, down 9.8% from $35.5 million for the same period last year.

Revenues for the quarter ended Nov. 30 were $761.3 million, down 11.1% from $856.4 million for the same period in 2009.

During the quarter the company reported home deliveries of 3,089, down 12% from the same period last year. New orders for the quarter were at 2,520 homes, down 5% from last year. The company reported a cancellation rate of 20% and a backlog of 1,604 homes, down 2% from the fourth quarter of 2009.

For the full 2010 fiscal year, the company reported net income of $95.2 million, compared with a net loss of $417.1 million for fiscal year 2009.

Revenues for the year were $2.7 billion, down 3.5% from $2.8 billion reported last year.

During the year the company delivered 10,955 homes and received 10,928 new orders, both down 5% from 2009. The company’s cancellation rate for the year was 17%.

“We are very pleased to report net earnings of $32 million for our fourth quarter, which despite the challenging housing market, makes it our third consecutive profitable quarter,” said Stuart Miller, president and CEO. “Our intense focus on construction costs, product re-engineering, and SG&A reduction all contributed to improved gross and operating margins year over year and a full year of profitability in fiscal 2010.”