MIAMI (AP) — Lennar Corp. (LEN) on Tuesday reported fiscal second-quarter profit of $421.5 million.
On a per-share basis, the Miami-based company said it had net income of $1.30.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.13 per share.
The homebuilder posted revenue of $5.56 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $5.11 billion.
Lennar shares have increased 31% since the beginning of the year, while the Standard & Poor's 500 index has climbed 17%. The stock has increased slightly in the last 12 months.