Home builder Lennar reports boost in fourth-quarter sales

Home builder Lennar Corp.
LEN,
+6.65%

Sales on Thursday beat expectations for home deliveries and new orders, although the company’s shares were down 4% after hours. The Miami-based company reported fourth-quarter profit of $1.36 billion, or $4.82 per share, compared with $1.32 billion, or $4.55 per share, for the same period. year earlier. Analysts polled by FactSet had forecast earnings per share of $4.59 on revenue of $10.23 billion. Revenue rose 8% to $10.97 billion. Lennar delivered 23,795 homes during the quarter, up 19% from a year earlier, with new orders up 32% to 17,366. Its average sales price, however, fell to $441,000. , compared to about $500,000 last year. Lennar shares have soared 71% this year, while the S&P 500 index
SPX,
+0.26%

is up 23%.