RSS   Newsletter   Contact   Advertise with us
Post Online Media

Lennar Corporation updates Q1 results to reflect litigation accrual

Share on Twitter Share on LinkedIn
Staff Writer |
Lennar Corporation
Lennar    $38.1 million or $0.16 per share

Lennar Corporation reported that it has recorded a litigation accrual which will result in its first-quarter net earnings being lower than the $130.8 million, or $0.56 per diluted share, stated in the earnings announcement.

As a result of the accrual, the company's first-quarter net earnings reported in the Form 10-Q are $38.1 million or $0.16 per share.

Based on the Court hearing, the company's assessment of the probable outcome of the litigation has changed, and it now believes it is appropriate to record a one-time charge of $140 million for the litigation.

The accrual represents the high end of the range of expected liability associated with the litigation.

In addition to the accrual, the company would purchase the property which is the subject of the litigation for $114 million, which approximates the company's estimate of the fair value of the property.

What to read next
POST Online Media Contact