Lennar Corp. Q3 Profit Decreases, but beats estimates

(RTTNews) - Lennar Corp. (LEN.B) revealed a profit for third quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $1.11 billion, or $3.87 per share. This compares with $1.47 billion, or $5.03 per share, in last year's third quarter.

Excluding items, Lennar Corp. reported adjusted earnings of $1.1 billion or $3.91 per share for the period.

Analysts on average had expected the company to earn $3.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.2% to $8.73 billion from $8.93 billion last year.

Lennar Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $1.11 Bln. vs. $1.47 Bln. last year. -EPS (Q3): $3.87 vs. $5.03 last year. -Analyst Estimates: $3.51 -Revenue (Q3): $8.73 Bln vs. $8.93 Bln last year.