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Lennar logs YOY rise in fiscal Q1 net earnings

LennarCorp.'s 2016 fiscal first-quarter net earnings attributable to thecompany came to $144.1 million, or 63 cents per share, up from $115.0 million,or 50 cents per share, in the prior-year period.

S&P Capital IQ consensus EPS estimate for the fiscalfirst quarter was 52 cents.

The homebuilder said March 29 that total revenues for theperiod stood at $1.99 billion, compared to $1.64 billion in the first quarterof 2015, with revenue from homebuilding rising to $1.79 billion from $1.44billion.

Revenue from the financial services segment dropped slightlyto $124.0 million from $124.8 million year over year, while revenue from thecompany's Rialto segment came to $43.7 million, compared to $41.2 million in2015.

Lennar CEO Stuart Miller said in a release: "We arevery pleased with our first quarter results as we achieved pre-tax earnings of$201.7 million, our highest first quarter pre-tax earnings since 2006. Despiteglobal economic concerns and volatility in the stock market, our net earningsincreased 25% year-over-year and we had solid performances in most of ourbusinesses."

"We continue to believe that the housing market iscontinuing its slow and steady recovery driven by years of under production, tightinventory levels, attractive interest rates and the lowest unemployment levelssince 2008," Miller said.

Lennar delivered 4,832 homes with a total value of $1.77billion in the fiscal first quarter, up from 4,302 homes worth $1.40 billion ayear ago.

New orders totaled 5,794 units worth an aggregate $2.11billion, compared to 5,287 units worth an aggregate $1.83 billion in theequivalent period in 2015.

At the end of the quarter, the company reported a backlog of7,670 units worth $2.85 billion, compared to 6,817 units worth $2.40 billion ayear ago.