Homebuilder Lennar 2Q Sales Up; Reports Slowdown in Orders
Lennar Corporation, Miami, FL, one of the nation's largest homebuilders, reported revenues for its second quarter ended May 31, 2006, were up 56% to $4.6 billion. Profit was up 39% to $324.7 million.
Stuart Miller, president and Chief Executive Officer of Lennar Corporation, said: "After a long period of steady growth, the homebuilding industry has slowed, as evidenced by lower new orders and higher cancellation rates in many geographic markets across the country. These conditions are primarily the result of speculators exiting the market and changing homebuyer sentiment. Although current market conditions have softened, we believe favorable demographic trends and high employment levels bode well for long-term ...