MIAMI (AP) _ Lennar Corp. (LEN) on Wednesday reported fiscal second-quarter net income of $831.4 million.
The Miami-based company said it had profit of $2.65 per share. Earnings, adjusted for non-recurring costs, came to $2.95 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.34 per share.
The homebuilder posted revenue of $6.43 billion in the period.
Lennar shares have increased 20% since the beginning of the year, while the S&P's 500 index has increased 12%. In the final minutes of trading on Wednesday, shares hit $91.34, a rise of 43% in the last 12 months.
The Associated Press