Lennar’s (NYSE: LEN and LEN.B) net income fell 65% during the Q2 2011 compared with last year, as the company continues to manage its way through a difficult housing market.
One of the nation’s largest senior housing builders, the company earned $13.8 million, or 7 cents per share, for the three months ended May 31. That compares with $39.7 million, or 21 cents per share, a year ago.
“Despite operating in a challenging housing market that saw very little evidence of a spring selling season, we were still able to achieve strong results, making this our fifth consecutive quarter of profitability,” said Stuart Miller, Chief Executive Officer of Lennar Corporation. “During the quarter, we continued to focus on the basics of our core homebuilding business. We benefitted greatly from our strategic capital investments in new high margin communities, which helped produce one of the highest gross margins in the industry.”
During the quarter, revenue was down 6% to $764.5 million from $814.5 million, but still topped Wall Street’s $644 million forecast.
Lennar builds homes in 17 states and is one of the nation’s largest builders of senior housing communities.