|Lennar Corp.’s First Quarter 2012 Numbers|
|Profit/(Loss)||$15.0 M -45.3%|
|Home Deliveries||2,482 +29.0%|
|New Orders||3,022 +33.3%|
Behind the Numbers:
Lennar logged its eighth consecutive profitable quarter ending February 29 and its strongest first quarter sales numbers since 2008. While profits were down from the same quarter of 2011, last year’s first quarter was artificially higher because it included a $37.5 million legal settlement. The company’s other numbers were stellar, too. It’s backlog of homes to be built was up 39.0%. Its gross margin on home sales was up to 20.9% and its expenses as a percent of revenues were at 14.9%, up by 150 basis points. Even more good news was that the company has been able to increase sales prices and reduce incentives.
Lennar’s fiscal year ends Nov. 30.