Homebuilders are reporting earnings this week and Lennar (NYSE:LEN) brightened the outlook for U.S. housing with solid results Wednesday.
Lennar (NYSE:LEN) shares popped 2% on the back of strong new orders and deliveries for the three months ended November.
The SPDR S&P Homebuilders ETF (NYSE:XHB) climbed 1.6%.
The company said it earned $2.13 per share in its fiscal fourth quarter on sales of $6.97 billion. That was well ahead of expectations for a profit of $1.90 per share on sales of $6.5 billion.
New orders came in at 13,089 for a dollar value of $5.2 billion, both up 23% year on year.
Deliveries of new homes rose 16% to 16,420.
Lennar (NYSE:LEN) shares are up more than 20% in the last six months.
KB Home (NYSE:KBH) will report its quarterly numbers tomorrow.
Analysts are predicting a profit of $1.29 per share with sales of about $1.6 billion
