Business

Lennar rides US housing boom to post more than two-fold surge in profit

Lennar Corp on Tuesday posted a more than two-fold jump in first-quarter profit as historically low mortgage rates and a COVID-19 pandemic-induced shift to suburban living encouraged more Americans to buy homes.

Newly constructed houses built by Lennar Corp are pictured in Leucadia, California
FILE PHOTO: Newly constructed houses built by Lennar Corp are pictured in Leucadia, California March 18, 2015. REUTERS/Mike Blake

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REUTERS: Lennar Corp on Tuesday posted a more than two-fold jump in first-quarter profit as historically low mortgage rates and a COVID-19 pandemic-induced shift to suburban living encouraged more Americans to buy homes.

Net earnings attributable to the company rose to US$1 billion, or US$3.20 per share, in the quarter ended Feb. 28, from US$398.5 million, or US$1.27 per share, a year earlier.

(Reporting by Shreyasee Raj in Bengaluru; Editing by Aditya Soni)

Source: Reuters