Homebuilder Lennar (NYSE:LEN) announced that profit for the fourth quarter quadrupled to $124.3 million, or 56 cents per share, versus $30.3 million, or 16 cents per share, in the same period last year. Revenue increased by $1.35 billion from $952.7 million. Analysts had expected earnings of 44 cents per share on revenue of $1.26 billion. The quarter also ended with a 4,053 home backlog, 87% higher versus the same period a year earlier.
Shares are lower in early trading.
Last month, rival KB Home (NYSE:KBH) announced that it earned $7.7 million, or 10 cents per share, versus $13.9 million or 18 cents per share, in the same period last year, while revenue increased by 21 percent to $578.2 million.¬†
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