Lennar (LEN) Posts Surprise Q2 Profit, New Home Dollar Value Increases

Lennar Corp. (NYSE: LEN) is showing signs of life following its second-quarter 2011 earnings report today, which saw strong earnings amid housing market challenges.

Revenues in the quarter fell 6 percent, from $814.48 million to $764.49 million.

Net income saw a 65.3 percent drop to $13.79 million, or 7 cents per share.

Overall, revenues were expected to be $643.1 million and earnings at 4 cents per share.

In the quarter, new home orders were just about flat at 3,204, while total dollar value escalated 3.7 percent to $806.85 million. Lennar's backlog dropped about 1.2 percent to 2,470.

Cancellation rate in the quarter was 17 percent, flat compared with the first-quarter of 2011, and second-quarter of 2010.

Lennar shares are up 1.6 percent pre-market.

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