Lennar Corp. First Quarter 2013 Numbers
$57.5 M +283.3%
Behind the Numbers: Lennar hit the spring selling season full throttle, firing on all cylinders. The company came close to tripling its profit from the same quarter last year, and both deliveries and new orders were strong. Even more impressive are the 22.1% margins the company is embedding in those sales. Average sale price in the company’s considerable backlog is up 13% as well. It’s not likely the builder will run out of land any time soon. It spent nearly $500 million on land in its first quarter, which ended Feb. 28. “We are well positioned for 2013 and 2014,” said CEO Stuart Miller. “So our land focus now is primarily on home sites for 2015 and beyond."
Lennar Corp.’s fiscal year ends November 30.