Lennar Corporation (LEN) has reported a 9.23 percent fall in profit for the quarter ended Feb. 28, 2017. The company has earned $130.78 million, or $0.56 a share in the quarter, compared with $144.08 million, or $0.63 a share for the same period last year.

Revenue during the quarter grew 17.24 percent to $2,337.43 million from $1,993.66 million in the previous year period. Gross margin for the quarter expanded 180 basis points over the previous year period to 89.29 percent. Total expenses were 8.11 percent of quarterly revenues, down from 10.12 percent for the same period last year. This has led to an improvement of 200 basis points in operating margin to 91.89 percent.

Stuart Miller, chief executive officer of Lennar Corporation, said, "We are pleased to announce our first quarter results as we achieved net earnings of $130.8 million, or $0.56 earnings per diluted share. These solid results were supported by an improving macroeconomic environment following last year's election. Since November we have seen a combination of renewed optimism, wage and job growth, and consumer confidence. As a result, our homebuilding operations have gone from slow and steady to a faster than expected sales pace throughout our first quarter. In this environment of accelerating sales pace, together with limited land and labor, and tight inventory particularly at the lower price points, we believe we are positioned for increased pricing power and solid earnings going forward."