Lennar Reports 1st Quarter EPS of $1.27.

MIAMI:

Net earnings of $398.5 million, or $1.27 per diluted share, compared to net earnings of $239.9 million, or $0.74 per diluted share

Deliveries of 10,321 homes - up 17%

New orders of 12,376 homes - up 18%; new orders dollar value of $5.0 billion - up 20%

Backlog of 17,632 homes - up 2%; backlog dollar value of $7.2 billion - up 1%

Revenues of $4.5 billion - up 16%

Homebuilding operating margins of $474.3 million, compared to $384.9 million

Gross margin on home sales of 20.5%, compared to 20.1%

S,G&A expenses as a % of revenues from home sales of 9.2%, compared to 9.5%

Operating margin on home sales of 11.4%, compared to 10.6%

Financial Services operating earnings (net of noncontrolling interests) of $58.2 million, compared to $21.8 million

Multifamily operating earnings (net of noncontrolling interests) of $1.7 million, compared to operating earnings of $6.8 million

Lennar Other operating earnings (net of noncontrolling interests) of $0.9 million, compared to $3.0 million

Homebuilding cash and cash equivalents of $785 million

Homebuilding debt to total capital of 33.6%

Borrowings of $300 million under the Company's $2.4 billion revolving credit facility

Repurchased 4.4 million shares for $288.4 million

Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, today reported results for its first quarter ended February 29, 2020. First quarter net earnings attributable to Lennar in 2020 were $398.5 million, or $1.27 per diluted share, compared to first quarter net earnings attributable to Lennar in 2019 of $239.9 million, or $0.74 per diluted share.

Stuart Miller, Executive Chairman of Lennar, said, "Although today we are announcing our first quarter 2020 results, the events that have occurred since quarter-end currently command our focus and attention. With a near shutdown of large portions of our national economy, we are all stretching our minds to understand the parameters of the rapidly evolving landscape, while we contemplate what the future holds. Accordingly, our first quarter conference call this morning will be focused on Lennar's oversight and management through the current crisis, and the steady-handed approach that we have applied."

Mr. Miller continued, "First and foremost, our senior management team is evaluating every aspect of our company to determine how we protect the safety, health and hygiene of each and every one of our associates, customers and building partners, while we maintain our...