Lennar's Q2 Earnings Increased 22.8% YOY, Revenues Down 5%
Miami, FL, June 16, 2020-Lennar Corporation reported a net earnings increase of 22.8% for Q2 2020.
Revenues declined 5% YOY.
In the quarter, home deliveries were 12,672, consistent with prior year
New orders fell 10% to 13,015 homes and 16% in dollar value.
The backlog of homes slid 6% to 17,975 and 8% in dollar value.
Stuart Miller, Executive Chairman of Lennar, said, "Business rebounded significantly in May, and by quarter's end, our total new orders declined by only 10%, and deliveries ended flat year-over-year. In sync with the market rebound, we resumed starts and land spend to match the improving market conditions, and this rebound has continued into the first two weeks of June.
"While unemployment increased throughout the quarter due to impacts from the COVID-19 pandemic, customers moved from rental apartments and from densely populated areas to purchase homes, and home sales grew steadily, as record-low interest rates and low inventory levels drove a favorable rebound in the homebuilding industry.