MIAMI (AP) _ Lennar Corp. (LEN) on Thursday reported fiscal first-quarter net income of $398.5 million.

On a per-share basis, the Miami-based company said it had net income of $1.27.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

The homebuilder posted revenue of $4.51 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $4.38 billion.

Lennar shares have fallen 45% since the beginning of the year, while the Standard & Poor's 500 index has declined 26%. The stock has decreased 35% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LEN at https://www.zacks.com/ap/LEN

Automated Insights, source Associated Press News