Lennar quarterly profit rises on strong demand for homes
2022.09.21 17:37
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© Reuters. Signage is seen at The Collection at Morristown, a housing development by Lennar Corporation, in Morristown, New Jersey, U.S., November 13, 2021. REUTERS/Andrew Kelly
(Reuters) -Homebuilder Lennar Corp (NYSE:) on Wednesday reported a 4.3% rise in quarterly profit, benefiting from record-high property prices as demand far outpaced supply that was crippled by raw material and labor shortages.
Existing home prices for all housing types in July touched $403,800, up 10.8% from a year ago, according to a report from the National Association of Realtors.
Miami-Florida based Lennar posted an about 29% rise in quarterly revenue to $8.93 billion.
It reported a net income of $1.47 billion, or $5.03 per share, in the third quarter ended Aug. 31, compared with $1.41 billion, or $4.52 per share, a year earlier.
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