Lennar Corp. (LEN) Tops Q4 EPS by 21c

Lennar Corp. (NYSE: LEN) reported Q4 EPS of $4.36, ex-items, $0.21 better than the analyst estimate of $4.15. Revenue for the quarter came in at $8.4 billion versus the consensus estimate of $8.2 billion.

• New orders increased 2% to 15,539 homes; new orders dollar value increased 16% to $7.3 billion
• Backlog increased 26% to 23,771 homes; backlog dollar value increased 45% to $11.4 billion
• Homebuilding operating earnings of $1.8 billion, compared to operating earnings of $1.1 billion
  • Gross margin on home sales improved 300 basis points ("bps") to 28.0%
  • S,G&A expenses as a % of revenues from home sales improved 150 bps to 6.0%
  • Net margin on home sales improved 460 bps to 22.0%

For earnings history and earnings-related data on Lennar Corp. (LEN) click here.

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