Lennar grew profits 53 percent over last years numbers as they build over 42 thousand homes across the United States. This is good news for an industry that many are watching nervously.
Earnings for the quarter ended Nov. 30 totalled $581.2 million US, or $3.54 per share, up from $379.7 million, or $2.29 per share, a year earlier. Revenue increased 42 per cent to $5.03 billion from $3.55 billion last year.
Analysts polled by Thomson Financial expected earnings of $3.34 per share on $4.96 billion in revenue.
“The intense focus on the fundamentals of our homebuilding process allowed us to achieve record results once again in fiscal 2005, as we exceeded our target and delivered a record 42,359 homes despite the 400 to 500 deliveries delayed due to the significant disruption caused by Hurricane Wilma,” CEO Stuart Miller said in a release.
Lennar said gross margin from home sales rose to $1.3 billion, or 27 per cent, from $860.4 million, or 25.6 per cent, in the prior year. New orders increased 25 per cent to 10,236 homes.
For the full year, the company’s profit climbed to $1.36 billion, or $8.23 per share, from $945.6 million, or $5.70 per share. Earnings from continuing operations were $1.34 billion, or $8.17 per share.
Revenue for the year rose to $13.87 billion from $10.5 billion.
The Miami-based company said it still expects fiscal 2006 earnings of $9.25 per share. Analysts forecast a profit of $9.30 per share.
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