MIAMI — Lennar's fiscal fourth-quarter profit rose 52 percent as it delivered more homes at higher prices.
New home orders rose 22 percent to 5,492, equating to a dollar value of $1.8 billion. That total dollar amount is 24 percent better than this time last year.
The homebuilder earned $245.3 million, or $1.07 per share, easily topping the 97 cents that Wall Street was looking for, pulling in well above the $164.1 million, or 73 cents per share, from a year earlier.
Home deliveries climbed 23 percent to 6,950 homes for the period ended Nov. 30, 2014. The average sales price of homes delivered increased to $329,000 from $307,000.
Lennar Corp. posted revenue of $2.58 billion, also topping projections. Analysts expected $2.55 billion, according to Zacks.
For the year, the Miami company's profit increased 35 percent to $638.9 million, or $2.80 per share. Revenue climbed 31 percent to $7.78 billion.
Shares of Lennar added 71 cents to $46.47 before the market opened Thursday.
Keywords: Lennar, Earnings Report