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Lennar reports third quarter EPS of $0.78

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Lennar Corporation
Results   Revenues from home sales increased 25%

Lennar Corporation reported results for its third quarter 2014 ended August 31, 2014. Net earnings attributable to Lennar were $177.8 million, or $0.78 per diluted share.


This compared to third quarter 2013 net earnings attributable to Lennar of $120.7 million, or $0.54 per diluted share.

Lennar Homebuilding

Revenues from home sales increased 25% in the third quarter of 2014 to $1.8 billion from $1.4 billion in the third quarter of 2013. Revenues were higher primarily due to a 10% increase in the number of home deliveries, excluding unconsolidated entities, and a 14% increase in the average sales price of homes delivered. New home deliveries, excluding unconsolidated entities, increased to 5,450 homes in the third quarter of 2014 from 4,972 homes in the third quarter of 2013.

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 $332,000 in the third quarter of 2014 from $291,000 in the third quarter of 2013.

Sales incentives offered to homebuyers were $20,400 per home delivered in the third quarter of 2014, or 5.8% as a percentage of home sales revenue, compared to $18,700 per home delivered in the third quarter of 2013, or 6.0% as a percentage of home sales revenue, and $20,300 per home delivered in the second quarter of 2014, or 5.9% as a percentage of home sales revenue.

Lennar Financial Services

Operating earnings for the Lennar Financial Services segment were $27.1 million in the third quarter of 2014, compared to $23.5 million in the third quarter of 2013. The increase in profitability was primarily due to higher origination volume in the segment's mortgage operations and higher profit per transaction in the segment's title operations.

Rialto Investments

Operating earnings for the Rialto Investments segment were $12.4 million in the third quarter of 2014 (which included $7.8 million of operating earnings and an add back of $4.5 million of net loss attributable to noncontrolling interests), compared to operating earnings of $1.5 million (which included $0.7 million of operating earnings and an add back of $0.8 million of net loss attributable to noncontrolling interests) in the third quarter of 2013.


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