The homebuilder's net income was $137.4 million, or 61 cents a share, in the three months through May, compared with $452.7 million, or $2.06, a year earlier, when Lennar booked $403 million in deferred tax assets, the Miami-based company said in a statement today. Excluding a tax-related gain in the recent quarter, profit was 43 cents a share, more than analysts’ median forecast of 33 cents, based on 20 estimates compiled by Bloomberg.