MIAMI (AP) — Lennar Corp.'s fiscal third-quarter net income dropped 31 percent as the company delivered fewer homes.
But the homebuilder said Monday that demand is picking up somewhat, driven by low home prices and low interest rates.
The company earned $20.7 million, or 11 cents a share, for the three months ended Aug. 31. That compares with net income of $30 million, or 16 cents a share, a year ago.
This met analysts' expectations.
Revenue dipped 1 percent to $820.2 million from $825 million, but beat Wall Street's estimate of $794.4 million.
Home deliveries fell 3 percent to 2,865 homes, while new orders rose 11 percent to 2,914 homes.
Lennar, based in Miami, has operations in 17 states and is the third-largest homebuilder in the U.S., based on homes delivered last year.