- Lennar (LEN) Net profit +32% to $164.1M, including a $94M tax provision.
- Deliveries of homes +27% to 5,650.
- New orders +13% to 4,498; in dollar terms, +34% to $1.4B.
- However, "the political and interest rate environment, and our previously initiated price increases tempered new sales orders," says Lennar CEO Stuart Miller.
- Backlog +19% to 4,806 homes, or +40% to $1.6B.
- Gross margin on home sales 26.8%, up 330 bps.
- Operating margin on home sales 16.9%, +470 bps.
- "We begin 2014 with a strong balance sheet and a clearly defined strategy," says Miller. "We are extremely well positioned across all of our platforms to continue to grow profitably our operations and capitalize on the opportunities of a recovering housing market and economy."
- Shares +4.8%. (Previous) (PR)
More on Lennar FQ4: Net profit climbs 32%
Dec 18 2013, 07:12 ET