Lennar Reports Second Quarter EPS of $0.94
MIAMI, June 26, 2018
Net earnings of $310.3 million, or $0.94 per diluted share, which includes the following:
$0.58 per diluted share related to backlog/construction in progress write-up related to purchase accounting
$0.06 per diluted share related to acquisition and integration costs
Excluding these items EPS would have been $1.58 per diluted share
Deliveries of 12,095 homes – up 57%
New orders of 14,440 homes – up 62%; new orders dollar value of $6.0 billion – up 79%
Backlog of 19,622 homes – up 92%; backlog dollar value of $8.6 billion – up 114%
Revenues of $5.5 billion – up 67%
Lennar Homebuilding operating earnings of $425.5 million, compared to $332.6 million
Gross margin on home sales of 16.8% (21.6% excluding backlog/construction in progress write-up related to purchase accounting), compared to 21.5%
S,G&A expenses as a % of revenues from home sales of 8.7% – improved 60 basis points
Operating margin on home sales of 8.2% (12.9% excluding backlog/construction in progress write-up related to purchase accounting), compared to 12.1%
Lennar Financial Services operating earnings of $52.4 million, compared to $43.7 million
Rialto operating earnings (net of noncontrolling interests) of $7.0 million, compared to $6.2 million
Lennar Multifamily operating earnings of $14.8 million, compared to $6.5 million
Lennar Homebuilding cash and cash equivalents of $932 million
Lennar Homebuilding debt to total capital, net of cash and cash equivalents, of 40.0%
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