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Lennar profit rises 35% on robust housing demand, price boom -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: These houses can be seen at The Collection in Morristown. This housing development is owned by Lennar Corporation and located in Morristown. The photo was taken on November 13, 2021. REUTERS/Andrew Kelly

(Reuters] -Lennar Corp posted a roughly 35% increase in quarterly profit Wednesday as the second largest U.S. homebuilder benefited continuously from high house prices and high demand.

As Americans moved out of cities and into suburban areas in search for larger homes that would allow them to work remotely and attend school online, the demand for housing rose.

However, the coronavirus restrictions and shortages of labor and materials have caused disruptions in operations, driving prices for new homes up incrementally.

Lennar (NYSE:) Orders, which are an indicator of future revenues, increased 2.1% to 15,539 houses in the fourth quarter.

According to data from Refinitiv, revenue rose to $8.43 Billion, surpassing analysts’ estimate of $8.27 Billion.

From $882.8million, which was $2.82 per shares a year before, the net earnings attributable the company rose from $1.19billion to $3.91/share in the quarter ending Nov. 30 to $1.19billion.

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