Lennar posts better than expected Q3 financial performance

Lennar posted Q3 earnings this morning that either met or beat analysts’ consensus on performance across key measures. In light of a broader context of malaise in the market, it would seem Lennar is outperforming the new-home business environment nationally. The question is, are other publics doing that as well?

Here’s what the company says about its most recent financial quarter.

Third quarter net earnings attributable to Lennar in 2010 were $30.0 million, or $0.16 per diluted share, compared to third quarter net loss attributable to Lennar of $171.6 million, or $0.97 per diluted share, in 2009.

Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, “During our third quarter, as expected, our sales pace declined as a result of the expiration of the Federal homebuyer tax credit at the end of April. Although high unemployment and foreclosures have continued to present challenges for the national housing market, our communities have been less impacted than the broader market.”

To continue reading this article from Big Builder Online click here: http://www.bigbuilderonline.com/post.asp?BlogId=mcmanusblog&postid=553465&sectionID=391&cid=NWBD100920002

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