(Reuters) - Lennar Corp’s (LEN.N) quarterly profit handily beat analysts’ expectations and the homebuilder reported a seventh straight jump in new home orders, indicating that a U.S. housing recovery is well on track.
Net income rose to $124.3 million (77.4 million pounds), or 56 cents per share, in the fourth quarter, from $30.3 million, or 16 cents per share, a year earlier.
Revenue rose 42 percent to $1.3 billion.
Analysts were expecting earnings of 44 cents per share on revenue of $1.31 billion, according to Thomson Reuters I/B/E/S.
Lennar’s orders rose 32 percent to 3,983 homes, while backlog at the end of the quarter was worth $1.2 billion.
The U.S. housing market, which fell into a deep rut six years ago, has been recovering as low interest rates and rising rents are prompting consumers to buy homes.
Home sales and prices are rising, encouraging builders to undertake new construction projects.
Reporting by A. Ananthalakshmi in Bangalore; Editing by Supriya Kurane