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Lennar fiscal Q4'19 net earnings fall YOY

Lennar Corp. reported net earnings attributable to the company of $674.3 million, or $2.13 per share, for its fiscal fourth quarter ended Nov. 30, 2019, compared to nearly $796.1 million, or $2.42 per share, for the same period in 2018.

Total revenues for the three months ended Nov. 30, 2019, totaled roughly $6.97 billion, up from $6.46 billion in the prior-year period.

Revenues from homebuilding came to $6.53 billion, compared to roughly $6.07 billion in the corresponding period in 2018. Revenue from the company's financial services segment came in at $252.8 million, compared to $250.6 million. The homebuilder's multifamily segment contributed $175.9 million revenues, up from roughly $109.1 million.

Lennar delivered 16,420 homes with a total value of $6.45 billion in the fiscal fourth quarter of 2019, compared to 14,154 deliveries worth about $5.95 billion in the year-ago quarter. New orders totaled 51,439 units worth a total of roughly $20.3 billion, up from 826 units worth an aggregate of about $18.7 billion in the 2018 fiscal fourth quarter.

The company's backlog at the end of the quarter stood at 15,577 homes worth $6.30 billion, compared to a backlog of 15,616 units worth $6.57 billion in the same period in 2018.