By Kathryn HardisonLennar Corp.'s third-quarter revenue increased 29%, meeting analysts' expectations, while it recorded a decline in orders as rising interest rates continue to deter buyers. The homebuilder posted a profit of $1.47 billion, or $5.03 a share, for the period that ended Aug. 31, compared with $1.41 billion, or $4.52 a share, a year ago. Revenue increased 29% to $8.93 billion, on par with analysts' expectations. Lennar said new orders decreased 12% to 14,366 homes, with a new order value of $6.7 billion, down 11%. The backlog dollar value increased 8% to $12.9 billion.

Source: Wall Street Journal September 21, 2022 22:29 UTC