Lennar Profit Rises 49% in 4th Quarter
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Lennar Corp., the second-largest U.S. homebuilder, said fiscal fourth-quarter profit rose a better-than-expected 49% and that it will beat analysts’ estimates in 2002 as low mortgage rates boost sales.
Net income rose to $162.9 million, or $2.32 a share, in the quarter ended Nov. 30, from $109.5 million, or $1.59, a year earlier, the Miami-based company said. Revenue rose 14% to $2 billion.
Lennar was expected to earn $2.20 a share, according to analysts surveyed by Thomson Financial/First Call. The company’s shares rose $1.73 to $48.75 on the NYSE, their highest price since July 19. The results helped the Standard & Poor’s super-composite home-building index gain 1.8%, its biggest increase since Dec. 24.
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