Top-five homebuilder Lennar Corp reported a narrower-than-expected quarterly loss on Wednesday, helped by higher prices and lower expenses, and said it is on track to be profitable in fiscal 2010.

Miami-based Lennar reported a first-quarter loss of $6.5 million, or 4 cents per share, compared with a loss of $155.9 million, or 98 cents per share, a year earlier.

On average, analysts had expected a loss of 30 cents per share, according to Thomson Reuters I/B/E/S.

Revenue fell 3 percent to $574.4 million but bested analysts' expectations of $568.2 million.

Gross margins on home sales jumped to 19.2 percent from 6.5 percent a year earlier as the company cut sales incentives, resulting in higher home prices.

Sales incentives offered to homebuyers as a percentage of home sales revenue dropped to 12.5 percent from 17.1 percent.

Selling, general and administrative expenses fell as a percentage of revenue to 15.8 percent from 19.4 percent.

Lennar shares closed at $17.06 Tuesday on the New York Stock Exchange.

(Reporting by Helen Chernikoff; additional reporting by Bijoy Koyitty in Bangalore; editing by John Wallace)