Orders and deliveries soar as CalAtlantic is absorbed.
Builder
Lennar Corporation (NYSE: LEN and LEN.B), Miami on Wednesday reported a net profit of $453.2 million, or $1.37 per diluted share, for its third quarter ended August 31, 2018. The gain compared to third quarter net earnings attributable to Lennar in 2017 of $249.2 million, or $1.04 per diluted share.results. Wall Street was expecting a gain of $1.18.
Earnings in the third quarter of 2018 were reduced by $84.2 million ($0.21 per diluted share) of pretax backlog/construction in progress write-up related to purchase accounting and $12.0 million ($0.03 per diluted share) of pretax acquisition and integration costs related to CalAtlantic Group, Inc (“CalAtlantic”). This was partially offset by $34.1 million ($0.10 per diluted share) of tax benefits related to tax accounting method changes and energy credits.
