UPDATE: Lennar Posts Upbeat Q2 Profit

Lennar LEN reported a drop in its second-quarter net income. Lennar's quarterly profit declined to $137.4 million, or $0.61 per share, from $452.7 million, or $2.06 per share, in the year-earlier quarter. Its earnings before taxes rose to $162.3 million from $52.1 million. The adjusted quarterly profit number came in at $0.43 per share, beating the analyst estimate of $0.33 per share. Its revenue surged to $1.43 billion from $930 million. However, analysts were estimating earnings of $0.32 per share on revenue of $1.32 billion. Lennar shares closed at $34.99 yesterday.