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twitterHomebuilder’s profit increases 16 percent in second quarter
Tuesday, June 21, 2005 | 11 a.m.
Lennar Corp., the third-largest U.S. homebuilder by stock market value, said fiscal second-quarter profit increased 16 percent as near record-low mortgage rates spurred Americans to buy new homes at the fastest pace ever.
Profit from continuing operations for the three months ended May 31 rose to $233.2 million, or $1.42 a share, from $201.2 million, or $1.22, a year earlier, the Miami-based company said in a statement today. Revenue from continuing operations rose 25 percent to $2.9 billion.
Lennar builds homes in the Las Vegas Valley under the Lennar and U.S. Home brands. In January the company expanded to Reno with the acquisition of privately held homebuilder Barker Coleman Communities.
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