Lennar Reports Flat Revenues, Increased Earnings for Q3 2020
Miami, FL, September 17, 2020-Homebuilder Lennar reported revenues of $5.9 billion for Q3 2020, consistent with prior year.
Net earnings were $666.4 million, compared to net earnings of $513.4 million in Q3 2019, a 30% increase.
In Q3 2020, deliveries of 13,842 homes increased by 2% YOY, while new orders for homes rose 16% to 15,564 homes. The backlog of homes rose 4% to 19,697 homes.
Stuart Miller, executive chairman of Lennar, said, "Our third quarter results benefited from robust market conditions combined with the solid execution of our homebuilding and financial services businesses. Fundamentals in the housing market continued to remain strong supported by record low interest rates and a continued undersupply of new and existing inventory. The housing market continued its strong rebound from the significantly weaker sales environment earlier in the year as a result of COVID-19."