Lennar Corporation (NYSE:LEN) reported upbeat results for its second quarter on Monday. The company said it expects Q3 new orders of 12,800 to 13,000 and deliveries in a range of 13,200 to 13,400.
The Miami-based Lennar, one of the nation's leading homebuilders, today reported. Second-quarter net earnings of $517.4 million, or $1.65 per diluted share, compared to second quarter net earnings attributable to Lennar in 2019 of $421.5 million, or $1.30 per diluted share.
LEN also reported a backlog of 17,975 homes – down 6%; backlog dollar value of $7.1 billion – down 8%. Revenues of $5.3 billion – down 5%
Homebuilding operating margins were $636.2 million, up from $608.3 million.
Stuart Miller, Executive Chairman of Lennar, said, "The three months ended May 31st, our second quarter, have been a time of transition for both our company and our country. The backdrop of an unprecedented health crisis, significant business disruption and distressing social injustice has defined the past three months.
"Today we announce Lennar's financial results, which reflect both our determination to do well by operating an excellent company, while doing good by serving our Customers, our Associates, our Trade Partners, our Communities and our Shareholders."
LEN shares rallied 92 cents, or 1.5%, to $64.42.
