Lennar shares down 2.7% (Il Sole 24 Ore Radiocor) - New York, 18 Jun - Shares in Lennar were lower in early trading after the home builder reported better-than-expected quarterly profits but an outlook that failed to enthuse.

Lennar said in its fiscal second quarter net earnings per diluted share increased 15% to 3.45 dollars. Its profit in the period increased 9% to 954 million dollars.

Total revenue in the period rose 10% from the same quarter last year to 8.8 billion dollars.

Analysts had pegged EPS in the quarter at 3.23 dollars and revenue at 8.55 billion.

In the third quarter, Lennar said it expected to deliver between 20,500-21,000 homes with new orders of 20,000-21,000, below the second quarter's 21,293.

"Although affordability continued to be tested by interest rate movements and simultaneously challenged consumer sentiment, purchasers remained responsive to increased sales incentives, resulting in a 19% increase in our new orders and a 15% increase in our deliveries year over year," said Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar.

At 1411 GMT shares in Lennar were down 2.7%.

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(RADIOCOR) 18-06-24 16:17:38 (0514) 5 NNNN