NEW YORK (Reuters) - Lennar Corp , the third-largest U.S. homebuilder, reported quarterly results that bested Wall Street's estimates as margins improved because of cost cuts.
The Miami-based builder, which has operations in 14 states, reported earnings of $32 million, or 17 cents a share, for the quarter ended November 30, compared with $35.6 million, or 19 cents per share, a year ago.
Lennar's quarter last year included a $320.5 million tax benefit, the company said.
Analysts on average predicted fiscal fourth-quarter earnings of 3 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell 6 percent to $860.1 million.
New orders fell 5 percent to 2,520 homes. Last Friday competitor KB Home
The company's Rialto segment, which invests in distressed land, contributed $12.4 million in operating earnings.
Gross margins were 17.7 percent compared with 11.1 percent last year.
The company's shares, which gained 26 percent in the last three months, closed at $18.90 on the New York Stock Exchange on Monday.
(Reporting by Bijoy Koyitty in Bangalore and Helen Chernikoff in New York. Editing by Vinu Pilakkott and Robert MacMillan)