Home-builder Lennar Corp. (LEN, LEN.B) reported that its first quarter net earnings attributable to the company were $57.5 million, or $0.26 per share, up from $15.0 million, or $0.08 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues from home sales increased 40% in the first quarter of 2013 to $855.1 million from $610.7 million in the first quarter of 2012. Revenues were higher primarily due to a 28% increase in the number of home deliveries, excluding unconsolidated entities, and a 9% increase in the average sales price of homes delivered.
New home deliveries, excluding unconsolidated entities, increased to 3,174 homes in the first quarter of 2013 from 2,472 homes in the first quarter of 2012.
Total revenues for the quarter rose to $989.95 million from $724.86 million in the prior year quarter. Fourteen analysts had consensus revenue estimate of $897.99 million for the quarter.
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