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Lennar 4th-qtr. results top analysts' estimates

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The Associated Press | December 18, 2013 07:20 AM EST | AP


NEWS: Lennar's fiscal fourth-quarter net income climbed 32 percent as it sold more homes at higher prices.

Its performance beat analysts' expectations. The stock rose in premarket trading on Wednesday.

DETAILS: Lennar Corp. said that its home deliveries rose 27 percent to 5,650 homes. New orders climbed 13 percent to 4,498 homes, with the average sales price up 18 percent. Backlog increased 19 percent to 4,806 homes.

NUMBERS: For the three months ended Nov. 30, Lennar earned $164.1 million, or 73 cents per share. That's up from $124.3 million, or 56 cents per share, a year earlier.

Analysts, on average, expected earnings of 62 cents per share, according to a FactSet survey.

Revenue increased 42 percent to $1.92 billion from $1.35 billion. Wall Street predicted $1.88 billion in revenue.

Full-year net income fell to $479.7 million, or $2.15 per share, from $679.1 million, or $3.11 per share, in the previous year.

The prior year's results were helped by a $435.2 million tax benefit.

Annual revenue rose 44 percent to $5.94 billion from $4.12 billion.

STOCK: Lennar shares climbed $1.15, or 3.3 percent, to $36.35 in premarket trading about 2 ½ hours ahead of the market open.