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Lennar Corp. Posts Better-Than-Expected Q3 Results

Homebuilder, Lennar Corporation (NYSE: LEN) said on Tuesday that fiscal third quarter earnings increased 39%, aided by stronger margins, jump in orders and deliveries and a staggering revenue growth. For the latest period, profit stood at $120.7 million or 54 cents a share, compared to a net income of $87.1 million or 40 cents a share, in the same quarter of last year. Revenue jumped 46% to $1.6 billion. Analysts polled by Thomson Reuters had expected earnings of 45 cents a share on revenue of $1.56 billion. Gross margin widened to 24.9% from 23.2%. Home deliveries climbed 37% to 4,990 homes while average selling price rose 16%.

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