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Lennar fiscal Q4 net earnings rise 11% YOY

Lennar Corp. reported an 11% year-over-year gain in net earnings during the company's fiscal fourth quarter.

Fourth-quarter net earnings attributable to the company came to roughly $313.5 million, or $1.34 per share, up from $281.6 million, or $1.21 per share, in the year-ago period.

The S&P Capital IQ consensus EPS estimate for the fiscal fourth quarter was $1.27.

Total revenues for the three months ended Nov. 30 were up 15% year over year to roughly $3.38 billion. Revenues from homebuilding came to about $3.01 billion, compared to roughly $2.68 billion in the 2015 quarter.

CEO Stuart Miller said in a release, "While our homebuilding and financial services businesses continue to be the primary driver of our earnings, we are in an excellent position across our multiple platforms. With our strong balance sheet and a sales backlog dollar value of $2.9 billion, we are well positioned as we enter 2017."

"With the anticipation of a new President focusing on accelerating economic growth, we believe that our fortified balance sheet, our diversified business model and our refined product offerings, will continue to hold us in good stead in a high-growth economy, despite the potential of moderately rising interest rates over the next several years," he said.

Lennar delivered 8,228 homes with a total value of roughly $2.95 billion in the fiscal fourth quarter, up 7% from 7,657 deliveries worth about $2.67 billion in the year-ago quarter. New orders totaled 6,598 units worth a total of roughly $2.40 billion, up 9% from 6,053 units worth an aggregate of about $2.13 billion in the 2015 fiscal fourth quarter. At the end of the quarter, the company had a backlog of 7,623 homes worth about $2.89 billion, compared to a backlog of 6,646 units worth roughly $2.48 billion in the same period in 2015.

Lennar is in the process of acquiring WCI Communities Inc. in a cash-and-stock deal.