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Lennar Corporation announced its Q4 financial results earlier this morning.The company said year-over-year revenues for Q4 jumped 11% $952.7 million. Though operating income and EPS were down on higher expenses. EPS came in at $0.16, which was a penny shy of expecations. However, estimates ranged from $0.03 to $0.33.
Shares of Lennar are up around 4% this morning.
“As we come to the end of 2011 and head into 2012, we have seen the market start to stabilise, driven by a combination of low home prices and low interest rates, making the decision to purchase a new home more attractive, compared to the heated rental market,” said Lennar CEO Stuart Miller. “These factors are reflected in our new orders and sales backlog, which increased 20% and 35%, respectively, from the prior year quarter.”
Lennar is one of the largest homebuilders in the U.S.
Next up among homebuilders is Pulte, which will post Jan. 27.