Lennar Corporation (LEN) has reported an 11.31 percent rise in profit for the quarter ended Nov. 30, 2016. The company has earned $313.45 million, or $1.34 a share in the quarter, compared with $281.60 million, or $1.21 a share for the same period last year.

Revenue during the quarter grew 14.63 percent to $3,376.63 million from $2,945.57 million in the previous year period. Gross margin for the quarter expanded 124 basis points over the previous year period to 84.32 percent. Total expenses were 13.66 percent of quarterly revenues, down from 14.68 percent for the same period last year. This has led to an improvement of 102 basis points in operating margin to 86.34 percent.

Operating income for the quarter was $2,915.25 million, compared with $2,513.06 million in the previous year period.

Stuart Miller, chief executive officer of Lennar Corporation, said, "We delivered another fourth quarter and fiscal year of strong and consistent results, that reflect our clearly defined operating strategies. For the quarter and year we achieved an 11% and 14% year-over-year increase in net earnings, respectively. Mr. Miller continued, "Our core homebuilding business continued to produce strong operating results in the fourth quarter as our home deliveries and new orders increased 7% and 9%, respectively, compared to last year, while our gross and operating margins were 23.3% and 14.6%, respectively. We continued to invest in new technologies and in the re-piping of our systems to maximize efficiencies which helped contribute to an S,G&A % of home sale revenues of 8.7% in the fourth quarter. "While our homebuilding and financial services businesses continue to be the primary driver of our earnings, we are in an excellent position across our multiple platforms. With our strong balance sheet and a sales backlog dollar value of $2.9 billion, we are well positioned as we enter 2017."