- FQ1 net earnings of $144.1M or $0.63 per share vs. $115M and $0.50 a year ago.
- Deliveries of 4,832 homes up 12% Y/Y. ASP of $365K vs. $326K.
- New orders of 5,794 homes up 10%; new orders value of $2.1B up 15%.
- Backlog of 7,670 homes up 13%; backlogs value of $2.8B up 19%.
- Gross margin on homes sales of 22.7% down 40 bps. SG&A expense as a percent of home sales of 10.8% down 60 bps. Operating margin of 11.9% up 20 bps.
- Rialto earnings fall to $1.9M from $4.6M, with company citing volatility in capital markets in Q1. Said volatility has management paring back Rialto's earnings expectations this year.
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Conference call at 11 ET
- Previously: Lennar beats by $0.11, beats on revenue (March 29)
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LEN +2.8%