- 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%
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. About InvestorIdeas.com:
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