Lennar Corp. Second Quarter 2012 Numbers

Quarter Two

Fiscal Year

Profit/(Loss)

$452.7 M +3,184.0%

$467.7 M +1,035.4%

Home Deliveries

3,222 +20.1%

5,704 +23.9%

New Orders

4,481 +39.9%

7,503 +37.1%

 

Behind the Numbers:

Lennar’s earnings report, logging its ninth consecutive profitable quarter, was overwhelmingly positive—so positive that, for the first time since the downturn began, famously conservative CEO Stuart Miller eliminated the words “cautiously optimistic” from his forecast. “Evidence from the field suggests that the 'for sale' housing market has, in fact, bottomed and that we have commenced a slow and steady recovery process.” There are some headwinds to recovery, however, he said. A localized, rather than national, recovery and “highly conservative” mortgage lending are both moderating the upturn. Lennar’s out-sized profit was inflated by an accounting move that put $403 million of deferred tax benefits back on the books. That said, even subtracting the tax benefit, Lennar still made three times as much as the same quarter in 2011.

Lennar Corp.’s fiscal year ends November 30.