Lennar Corporation (LEN) has reported a 2.21 percent fall in profit for the quarter ended May 31, 2017. The company has earned $213.64 million, or $0.91 a share in the quarter, compared with $218.47 million, or $0.95 a share for the same period last year.

Revenue during the quarter grew 18.80 percent to $3,261.89 million from $2,745.82 million in the previous year period. Gross margin for the quarter expanded 243 basis points over the previous year period to 88.46 percent. Total expenses were 9.49 percent of quarterly revenues, down from 11.94 percent for the same period last year. This has led to an improvement of 245 basis points in operating margin to 90.51 percent.

Stuart Miller, chief executive officer of Lennar Corporation, said, "We are pleased to announce our second quarter results as we achieved net earnings of $213.6 million, or $0.91 per diluted share. These strong results were supported by an improved macroeconomic environment, renewed optimism, wage and job growth, and increased consumer confidence. We are now seeing, contrary to recent reports on housing starts and building permits, more of a reversion to normal in the housing market than the slow and steady recovery pace of the last several years."