Stock Alert: Lennar Rises 8% As Quarterly Results Beat Estimates

(RTTNews) - Shares of Lennar Corp. (LEN) are gaining almost 8 percent or $5.85 in Thursday's morning trade at $80.14 after the home builder's quarterly profit beat analysts' expectations.

Wednesday, Lennar reported an increase in profit for the fourth quarter to $882.76 million or $2.82 per share, up from $674.30 million or $2.13 per share in the year-ago period. Analysts polled by Thomson Reuters expected the company to report earnings of $2.37 per share. However, revenues edge down to $6.83 billion from $6.97 billion last year.

Lennar has traded in a range of $25.42 to $86.80 in the past 52 weeks.