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Monday, September 24, 2012

Homebuilder Stocks Breaking News: Lennar (NYSE:LEN) Reports Third Quarter EPS of $0.40

New York, New York - September 24, 2012 (Investorideas.com newswire, www.homebuilderstocks.com) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research including homebuilder stocks issues an investor alert for Lennar Corporation (NYSE:LEN and LEN.B), reporting third quarter earnings . The stock traded as high as $38.27 following the earnings news but has pulled back with the general markets. The stock is now trading at $36.71, down 0.80(2.13%) 10:41AM EDT on over 5.7 Million shares volume.

Earnings Summary -
  • Net earnings of $87.1 million, or $0.40 per diluted share, compared to net earnings of $20.7 million, or $0.11 per diluted share
  • Deliveries of 3,655 homes - up 28%
  • New orders of 4,198 homes - up 44%; cancellation rate of 17%
  • Backlog of 4,513 homes - up 79%; backlog dollar value of $1.3 billion - up 95%
  • Revenues of $1.1 billion - up 34%
  • Gross margin on home sales of 23.2% - improved 210 basis points
  • S, G&A expenses as a % of revenues from home sales of 12.0% - improved 230 basis points
  • Operating margin on home sales of 11.2% - improved 440 basis points
  • Lennar Homebuilding operating earnings of $71.3 million, compared to $27.1 million
  • Lennar Financial Services operating earnings of $25.3 million, compared to $8.0 million
  • Rialto Investments operating earnings totaled $7.7 million (including $13.4 million of net loss attributable to noncontrolling interests), compared to $5.7 million (net of $6.1 million of net earnings attributable to noncontrolling interests)
  • Lennar Homebuilding cash and cash equivalents of $692.0 million
  • Issued $400 million of 4.75% senior notes due 2017
  • Completed the repurchase of $204.7 million aggregate principal amount of 5.95% senior notes due 2013 through a tender offer, resulting in a $6.5 million pre-tax loss
  • No outstanding borrowings under the $525 million credit facility
  • Lennar Homebuilding debt to total capital, net of cash and cash equivalents, of 47.7%
Investorideas.com Newswire Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto Investments segment is focused on distressed real estate asset investments, asset management and workout strategies. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com.
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