Miami-based home builder Lennar Corp. posted a profit of $27.4 million in the first quarter ended Feb. 28. That compares with a loss of $6.5 million in the same quarter last year.
Revenues were down 3% to $558.0 million, as the company's gross margin on home sales improved 80 basis points to 20.0%.
"We remained focused on the core fundamentals of our business, generating profitable results in each of our business segments," said Lennar's Stuart Miller, president and CEO. "Our home-building segment continued to produce strong gross margins, benefiting from our intense focus on controlling construction costs and opening new high-margin communities."
The company reported new orders of 2,267 homes, down 12%, with a cancellation rate of 17%.
"While it is unclear whether the spring selling season will gain momentum or continue its sluggish recovery, we are confident that our company is well positioned for a profitable year in 2011," Miller added.