March 13 (Reuters) - Lennar Corp (LEN.N) , opens new tab reported first-quarter profits above Wall Street estimates on Wednesday, as historically low existing home supply led to sustained demand for new home construction.

"Macroeconomic environment remained relatively consistent throughout the quarter, with interest rates fluctuating within a manageable range, employment remaining strong, housing supply remaining chronically short due to production deficits over a decade, and demand strength driven by strong household formation," said Stuart Miller, Lennar's co-chief executive officer.

The second-largest U.S. homebuilder's reported earnings of $2.57 per share surpassing analysts' average estimate of $2.20 per share and above $2.06 per share a year earlier.

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https://www.reuters.com/business/us-homebuilder-lennar-beats-q1-profit-estimates-higher-home-deliveries-2024-03-13/