Lennar Corporation (NYSE:LEN) shares moved higher Thursday morning, on first-quarter financial figures.
First-quarter net earnings attributable to the Miami-based Lennar in 2020 were $398.5 million, or $1.27 per diluted share, compared to first quarter net earnings attributable to Lennar in 2019 of $239.9 million, or $0.74 per diluted share.
Revenues were higher primarily due to a 17% increase in the number of home deliveries, excluding unconsolidated entities, partially offset by a 2% decrease in the average sales price of homes delivered.
New home deliveries, excluding unconsolidated entities, increased to 10,313 homes in the first quarter of 2020 from 8,802 homes in the first quarter of 2019, as a result of an increase in home deliveries in all homebuilding segments.
The average sales price of homes delivered was $402,000 in the first quarter of 2020, compared to $410,000 in the first quarter of 2019. The decrease in average sales price primarily resulted from continuing to shift to lower-priced communities.
Said Executive Chairman Stuart Miller, "Although today we are announcing our first-quarter 2020 results, the events that have occurred since quarter-end currently command our focus and attention.
"With a near shutdown of large portions of our national economy, we are all stretching our minds to understand the parameters of the rapidly evolving landscape, while we contemplate what the future holds.
“Accordingly, our first quarter conference call this morning will be focused on Lennar's oversight and management through the current crisis, and the steady-handed approach that we have applied."
LEN shares strengthened $1.38, or 4.5%, to $32.30.
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