Lennar's earnings up 38.4% in Q3
Major national homebuilder Lennar Corporation reported revenues up 46% and earnings up 38.4% for the third quarter.
With total revenues at $1.60 billion for the quarter, growth was looking strong compared to 2012's third quarter revenues of $1.09 billion.
Total net earnings for the third quarter attributable to Lennar Corporation were $120.7 million, up from year-ago figures of $87.1 million.
CEO Stuart Miller conceded that the company's sales pace had moderated during the quarter, but cited a 14% increase in new home orders and a 16% increase in average sales price as a means toward increasing the dollar value of new home orders.
"We continue to see long-term fundamental demand in the market driven by the significant shortfall of new single-family and multi-family homes built over the last five years," said Miller. "While there may be bumps along the road that may impact the short-term pace of the recovery, the long-term outlook for our business remains extremely bright."
Miller was also optimistic about Lennar's ancillary capital management business, Rialto, which has raised $640 million in capital.