RSS   Newsletter   Contact   Advertise with us

Lennar Q4 net earnings $164.1 million

Staff writer ▼ | December 19, 2013
Lennar Corporation eported results for its fourth quarter and fiscal year ended November 30, 2013. Q4 net earnings attributable to Lennar in 2013 were $164.1 million, or $0.73 per diluted share.
Lennar Corporation
Lennar CorporationLennar Corporation eported results for its fourth quarter and fiscal year ended November 30, 2013. Q4 net earnings attributable to Lennar in 2013 were $164.1 million, or $0.73 per diluted share.


That includes a $94 million tax provision, compared to $124.3 million, or $0.56 per diluted share, which includes an $18.6 million tax benefit, in the fourth quarter of 2012.

Net earnings attributable to Lennar for the year ended November 30, 2013 were $479.7 million, or $2.15 per diluted share, which includes a $177 million tax provision, compared to the year ended November 30, 2012 with net earnings attributable to Lennar of $679.1 million, or $3.11 per diluted share, which includes a $435.2 million tax benefit.

Revenues from home sales increased 50% in the fourth quarter of 2013 to $1.7 billion from $1.2 billion in the fourth quarter of 2012. Revenues were higher primarily due to a 27% 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 5,639 homes in the fourth quarter of 2013 from 4,426 homes in the fourth quarter of 2012. There was an increase in home deliveries in all of the Company's Homebuilding segments and Homebuilding Other. The average sales price of homes delivered increased to $307,000 in the fourth quarter of 2013 from $261,000 in the same period last year.

Sales incentives offered to homebuyers were $20,600 per home delivered in the fourth quarter of 2013, or 6.3% as a percentage of home sales revenue, compared to $25,800 per home delivered in the same period last year, or 9% as a percentage of home sales revenue, and $18,700 per home delivered in the third quarter of 2013, or 6.0% as a percentage of home sales revenue.


 

MORE INSIDE POST