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Lennar Reports Stellar 3rd Quarter Profit

Lennar Corp. (NYSE: LEN) reported its fiscal third quarter earnings today, seeing a huge rise in profit. The company announced a net profit of $87.1 million, up from $20.1 million in 2011, making for a 320% increase. Lennar saw an EPS of $0.40, beating analyst estimates of $0.28. Revenue was also up 34% to $1.1 billion, and beating estimates of $1.05 billion.

The company attributes much of its success to the stabilizing housing market and increased buyer demand. Lennar did make note of rising material and labor costs, but said that price increases should negate any adverse effects.