Lennar Corporation (NYSE:LEN) reported results for its fourth quarter and fiscal year ended November 30, 2018.
Lennar, one of America’s best-known home builders, reported fourth-quarter net earnings attributable to Lennar in 2018 were $796.1 million, or $2.42 per diluted share, compared to $309.6 million, or $1.29 per diluted share, in the fourth quarter of 2017.
Net earnings attributable to Lennar for the year ended November 30, 2018 were $1.7 billion, or $5.44 per diluted share, compared to $810.5 million, or $3.38 per diluted share for the year ended November 30, 2017.
Said Executive Chairman Stuart Miller, "During the fourth quarter, we continued to experience slower sales due to higher home prices and rising mortgage rates, consistent with what we highlighted on our third-quarter conference call.
"We continue to believe that the housing market is adjusting to a temporary disconnect between sales prices and buyer expectations and that the basic underlying fundamentals of low unemployment, higher wages and low inventory levels remain favorable."
Revenues from home sales increased 79% in the fourth quarter of 2018 to $6.0 billion from $3.3 billion in the fourth quarter of 2017. Revenues were higher primarily due to a 64% increase in the number of home deliveries, excluding unconsolidated entities, and a 9% increase in the average sales price of homes delivered.
New home deliveries, excluding unconsolidated entities, increased to 14,151 homes in the fourth quarter of 2018 from 8,614 homes in the fourth quarter of 2017
Shares galloped $2.01, or 4.7%, to $44.90
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