Lennar Corporation (NYSE:LEN) came out with first-quarter earnings Wednesday before the opening bell.
The Miami-based Lennar, one of the nation's leading homebuilders, today reported results for its first quarter ended February 28, 2019. First quarter net earnings attributable to Lennar in 2019 were $239.9 million, or $0.74 per diluted share, compared to first quarter net earnings attributable to Lennar in 2018 of $136.2 million, or $0.53 per diluted share.
Revenues were $3.9 billion, up 30% from last year. New orders were 10,463 homes – up 24%; new orders dollar value were $4.2 billion – up 23%.
Revenues were higher primarily due to a 31% increase in the number of home deliveries, excluding unconsolidated entities, and a 4% increase in the average sales price of homes delivered.
Gross margins on home sales were $726.1 million, or 20.1%, in the first quarter of 2019, compared to $516.6 million, or 19.5%, in the first quarter of 2018.
The company reported a backlog of 17,259 homes – down 2%; backlog dollar value of $7.1 billion – down 7%
According to Executive Chairman Stuart Miller, “Our new order growth exceeded the high end of our guidance by 5%, while our deliveries fell short of guidance primarily due to well-documented weather issues across the country. Even with lower than expected revenues in the first quarter, our continued focus on homebuilding operating efficiencies allowed the company to increase operating earnings at a higher rate than revenues."
Shares galloped $1.31, or 2.6%, to $51.02
