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Lennar Reports First Quarter EPS of $3.20
March 16, 2021 GMT
MIAMI, March 16, 2021 /PRNewswire/
Net earnings of $1.0 billion, or $3.20 per diluted share, compared to net earnings of $398.5 million, or $1.27 per diluted share – both up over 150%
Excluding the pretax gain of $469.7 million ($358.7 million after tax) related to the mark to market of a strategic investment that went public, EPS would have been $2.04 per diluted share
Deliveries of 12,314 homes – up 19%
New orders of 15,570 homes – up 26%; new orders dollar value of $6.5 billion – up 31%
Backlog of 22,077 homes – up 25%; backlog dollar value of $9.5 billion – up 32%
More builders and investors are testing the waters of the single-family build-to-rent sector as consumers seek affordable housing options and to lease rather than buy.
2020 Fourth Quarter
Net earnings of $882.8 million, or $2.82 per diluted share, compared to $674.3 million, or $2.13 per diluted share
Deliveries of 16,090 homes – down 2%
New orders of 15,214 homes – up 16%; new orders dollar value of $6.3 billion – up 22%
Backlog of 18,821 homes – up 21%; backlog dollar value of $7.8 billion – up 24%
Revenues of $6.8 billion – down 2%
Homebuilding operating earnings of $1.1 billion, compared to $892.5 million
Gross margin on home sales of 25.0%, compared to 21.5%
S,G&A expenses as a % of revenues from home sales improved to 7.5%, compared to 7.6%
Net margin on home sales of 17.4%, the highest in the Company s history, compared to 13.9%
Financial Services operating earnings of $151.2 million, compared to $74.8 million