Lennar Corp. says it posted a profit in its fiscal fourth-quarter earnings as the homebuilder benefited from an adjustment in its income taxes.
The company said the housing market continued to stabilize during the quarter as homebuyers took advantage of lower prices and a federal tax credit.
Lennar said Thursday it earned $35.6 million, or 19 cents per share, in the quarter ended Nov. 30. It had a loss of $811 million, or $5.12 a share, a year earlier.
Without the tax benefit, the Miami-based homebuilder lost $284.9 million, or $1.15 per share. Analysts were expecting a loss of 48 cents a share.
Revenue dropped 29 percent to $913.7 million from $1.28 billion, due to a 22 percent drop in the number of home deliveries and a 9 percent decline in average selling price.
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Lennar Corp: http://www.lennar.com/
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