Homebuilder Lennar Corp. (NYSE: LEN) reported second quarter earnings today that handily beat both EPS and revenue estimates. Excluding a one-time tax gain, the company posted EPS of $0.21 compared with a consensus estimate of $0.17. Including the tax gain, the company’s diluted EPS totaled $2.06. Revenues totaled $930.2 million compared with an estimate of $885.7 million.

Lennar’s strong showing augurs well for competitors D.R. Horton Inc. (NYSE: DHI), PulteGroup Inc. (NYSE: PHM), Hovnanian Enterprises Inc. (NYSE: HOV), Toll Brothers Inc. (NYSE: TOL), NVR Inc. (NYSE: NVR), and KB Home (NYSE: KBH). The best news from Lennar has to be that new orders are up 40% year-over-year and that the company’s backlog is up 61%. Operating margins also rose 4.8% year-over-year to 9.2% in the second quarter.

Looking ahead, the company had this to say:

Evidence from the field suggests that the ‘for sale’ housing market has, in fact, bottomed and that we have commenced a slow and steady recovery process. And while the housing downturn was broad-based and national, the recovery process continues to be very localized. Although highly conservative mortgage lending practices and challenging appraisals remain a constant headwind, we are experiencing net positive price and volume trends in most of our markets.

But these are the conditions Lennar and the other builders have been faced with for the past few quarters, so we can probably expect to see continued — if slow — profitability. Last week we did a story on the rise in homebuilders’ stock values and what to expect as the housing market recovers. Here’s a brief look at the other homebuilders and what analysts expect for the current quarter.

D.R. Horton posted EPS of $0.13 in its March quarter, well above the $0.04 consensus estimate. For the company’s quarter ending in June, analysts expect EPS of $0.20 on revenues of $1.17 billion. For the same period last year Horton posted EPS of $0.06 on sales of $999.2 million.

PulteGroup posted an EPS loss of -$0.03 in its March quarter, matching the consensus estimate. For the current quarter, analysts expect EPS of $0.05 on revenues of $1.11 billion. For the same period a year ago, the company posted an EPS loss of -$0.15 on revenue of $927.2 million.

Hovnanian posted an EPS of $0.02 in its April quarter, smashing the consensus estimate calling for an EPS loss of $0.32. For the current quarter analysts expect an EPS loss of -$0.14 on revenue of $375.9 million. A year ago the company posted an EPS loss of -$0.47 on revenue of $285.6 million.

Toll Brothers posted EPS of $0.10 in its April quarter, beating the consensus estimate of $0.04. For the current quarter analysts expect EPS of $0.17 on revenue of $506.2 million. In the July quarter a year ago Toll Brothers posted EPS of $0.25 on revenue of $394.3 million.

NVR Corp. posted EPS of; $3.90 in its March quarter, significantly lower than the consensus estimate of $4.16. For the current quarter analysts expect EPS of $8.76 on revenue of $829.8 million. A year ago the company posted EPS of $6.26 on revenue of $682.7 million.

KB Home posted an EPS loss of -$0.59 in its February quarter, more than double the consensus estimate for a loss of -$0.24. The company is scheduled to report earnings for its May quarter tomorrow and the consensus estimate calls for an EPS loss of -$0.34 on revenue of $301.3 million. In the May quarter last year, the company posted an EPS loss of -$0.89 on revenue of $271.7 million.

Lennar’s shares are up 4.8% a few minutes after today’s opening, at $28.71 in a 52-week range of $12.14-$30.12. The other homebuilders are also getting a boost today, with most up around 3%. The SPDR S&P Homebuilders ETF (AMEX: XHB) is up 1.6% at $20.29 in a 52-week range of $12.21-$22.43.

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