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Lennar Corporation Q1 2014 earnings $78.1 million

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Lennar CorporationLennar Corporation reported results for its first quarter ended February 28, 2014. Q1 net earnings attributable to Lennar in 2014 were $78.1 million, or $0.35 per diluted share.

This result includes a $45.9 million tax provision, compared to first quarter 2013 net earnings attributable to Lennar of $57.5 million, or $0.26 per diluted share, which included a $3.6 million tax benefit.

Revenues from home sales increased 33% in the first quarter of 2014 to $1.1 billion from $855.1 million in the first quarter of 2013. Revenues were higher primarily due to a 13% increase in the number of home deliveries, excluding unconsolidated entities, and an 18% increase in the average sales price of homes delivered.

New home deliveries, excluding unconsolidated entities, increased to 3,597 homes in the first quarter of 2014 from 3,174 homes in the first quarter of 2013. There was an increase in home deliveries in all of the Company's Homebuilding segments, except in the Company's Homebuilding Central segment.

The decrease in home deliveries in the Homebuilding Central segment was primarily due to an increase in start-up communities. The average sales price of homes delivered increased to $316,000 in the first quarter of 2014 from $269,000 in the same period last year.

Sales incentives offered to homebuyers were $21,300 per home delivered in the first quarter of 2014, or 6.3% as a percentage of home sales revenue, compared to $23,300 per home delivered in the same period last year, or 8.0% as a percentage of home sales revenue, and $20,600 per home delivered in the fourth quarter of 2013, or 6.3% as a percentage of home sales revenue.

Gross margins on home sales were $286.1 million, or 25.1%, in the first quarter of 2014, compared to $189.0 million, or 22.1%, in the first quarter of 2013.

Operating earnings for the Lennar Financial Services segment were $4.5 million in the first quarter of 2014, compared to $16.1 million in the first quarter of 2013.

Operating earnings for the Rialto Investments segment were $2.6 million in the first quarter of 2014 (which included $3.5 million of operating earnings, partially offset by $0.9 million of net earnings attributable to noncontrolling interests), compared to operating earnings of $1.7 million (which included $1.4 million of operating earnings and an add back of $0.3 million of net loss attributable to noncontrolling interests) in the same period last year.

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