That demand "continues to drive a consistent earnings picture," Lennar president/CEO Stuart Miller says in a prepared statement. "Historically low interest rates, combined with a high level of consumer confidence and relatively strong employment trends continue to promote a healthy homebuilding environment."

The company's fiscal first quarter ended Feb. 28. Net earnings in the same 2001 period were $51.3 million or 75 cents per diluted share.

Revenue rose 11% to $1.1 billion from $1 billion in the 2001 period. The increase came from a 13% increase in new home deliveries but was partially offset by a 1% decrease in the average sales price to $232,000 from $234,000. A lower average sales price in Texas brought down the total average price, Miller says.