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Lennar misses profit estimates on deal delay; shares down


By Ankit Ajmera(Reuters) - No. 2 U.S. homebuilder Lennar Corp on Wednesday reported a surprise drop in quarterly profit as an undisclosed "strategic" transaction got pushed out to the first quarter.The company said proceeds from the deal would now benefit from lower taxes, but its shares fell about 1.7 percent in premarket trading.Lennar's orders and total revenue, however, rose more than expected in the fourth quarter, pointing to a robust U.S. real estate market.Orders rose 11.5 percent, with buyers signing up for 7,357 homes in the quarter ended Nov. 30. The average selling price for home ...

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First Published: Wed, January 10 2018. 22:01 IST