Lennar Posts Revenue and Earnings Increases for Q1
Miami, FL, March 28, 2019-Lennar’s revenues rose 30% YOY in Q1, and net earnings rose 76%.
Deliveries of homes increased by 30%. New orders for homes grew 24%, while the value of new home orders rose 23%.
The backlog of homes fell 2%.
Stuart Miller, executive chairman of Lennar, said, "We are pleased to announce our results for the first quarter…Our new order growth exceeded the high end of our guidance by 5%, while our deliveries fell short of guidance primarily due to well-documented weather issues across the country. Even with lower than expected revenues in the first quarter, our continued focus on homebuilding operating efficiencies allowed the company to increase operating earnings at a higher rate than revenues.
"We continued to see choppiness in the marketplace during our first quarter, consistent with what we highlighted on our fourth quarter conference call. However, during the quarter, mortgage interest rates subsided and ultimately pulled back and home prices moderated providing a catalyst for the new home market to correct itself. Accordingly, sequentially throughout the first quarter, we saw increased interest in new home purchases as part of an improving and stabilizing housing market. We continue to believe that the basic underlying housing market fundamentals of low unemployment, higher wages and low inventory levels remain favorable."