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Lennar fiscal Q4'18 net earnings jump YOY

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Lennar fiscal Q4'18 net earnings jump YOY

Lennar Corp. reported net earnings attributable to the company of $796.1 million, or $2.42 per share, for its fiscal fourth quarter ended Nov. 30, 2018, compared to nearly $309.6 million, or $1.29 per share, in the year-ago period.

Total revenues for the three months ended Nov. 30, 2018, totaled roughly $6.46 billion, up from $3.79 billion in the prior-year period.

Revenues from homebuilding came to $6.07 billion, compared to roughly $3.41 billion in the corresponding period in 2017. Revenue from the company's financial services segment came in at $228.3 million, compared to $198.6 million, while the Rialto segment contributed about $56.0 million, down from $73.4 million a year earlier. The homebuilder's multifamily segment contributed $109.1 million revenues, up from roughly $102.9 million.

Lennar delivered 14,154 homes with a total value of $5.95 billion in the fiscal fourth quarter of 2018, compared to 8,633 deliveries worth about $3.35 billion in the year-ago quarter. New orders totaled 10,611 units worth a total of roughly $4.21 billion, up from 7,357 units worth an aggregate of about $2.83 billion in the 2017 fiscal fourth quarter.

The company's backlog at the end of the quarter stood at 15,616 homes worth $6.57 billion, compared to a backlog of 8,935 units worth $3.55 billion in the same period in 2017.

In the three months and year ended Nov. 30, 2018, Lennar said it recorded $12.9 million and $153.0 million of acquisition and integration costs related to its merger with CalAtlantic Group.

Citing "continued softness and uncertainty at this seasonally slower time of year," the company said it is deferring guidance for fiscal year 2019 "until the markets further define themselves."