Lennar Reports First Quarterly Profit Since 2007

Lennar Corp., the third-largest U.S. homebuilder by revenue, unexpectedly reported its first quarterly profit since early 2007 as the company took advantage of a tax change in the way it accounts for land sales.

Net income for the three months ended Nov. 30 was $35.6 million, or 19 cents a share, compared with a net loss of $811 million, or $5.12, a year earlier, the Miami-based company said in a statement today. The shares climbed as much as 12 percent.

Like much of the U.S. homebuilding industry, Lennar is struggling to sell houses at a profit while competing with foreclosures and other distressed real estate. The company had a $285 million operating loss before recording a $320 million tax gain because U.S. law now allows builders to carry back losses for five years.

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- Posted: 2010-01-07 11:20:01

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