- FQ1 (ended Feb. 28) income of $115M or $0.50 per share vs. $78.1M and $0.35 one year ago.
- Home deliveries of 4,302 up 19%% Y/Y/
- New orders of 5,287 homes up 18%; new order dollar value of $1.8B up 24%.
- Backlogs of 6,817 homes up 20%; dollar value of $2.4B up 24%.
- Homebuilding operating income of $207.6M up 28%. Gross margin on home sales of 23.1%. Operating margin of 11.7%.
- Financial services operating income of $15.5M vs. $4.5M. Rialto operating income of $4.6M vs. $2.6M.
- "Early signals from this year's spring selling season indicate that the housing market is improving, and disappointing single family starts and permits numbers should rebound shortly."
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Earnings call at 11 ET
- Previously: Lennar beats by $0.05, beats on revenue (March 19)
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LEN +2% premarket