Lennar up 0.8% after FQ1 results

|About: Lennar Corporation (LEN)|By:, SA News Editor

FQ1 (ended Feb. 28) earnings of $130.8M or $0.56 per share vs. $144.1M and $0.63 one year ago. This year's earnings were cut by $0.03 per share thanks to one-time expenses surrounding the WCI Communities deal; they were boosted by $0.05 thanks to a lower tax rate (this also occurred last year).

Deliveries of 5,453 homes up 13% Y/Y; new orders of 6,483 homes up 12%; new order dollar value of $2.4B up 16%.

Backlogs of 9,017 homes up 18%; dollar value of $3.5B up 24%.

Gross margin of 21.1% down 160 basis points.

Conference call at 11 ET

Previously: Lennar reports FQ1 results (March 21)

LEN +0.8% premarket