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Earnings Highlights - Lennar

Editor Note: For more information about this release, please scroll to bottom.


News provided by

Investor-Edge

Jan 22, 2015, 09:30 ET

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LONDON, January 22, 2015 /PRNewswire/ --

Investor-Edge.com has issued free earnings highlights on Lennar Corp. (NYSE: LEN). On January 15, 2015, the company reported its Q4 FY14 and full-year FY14 financial results (period ended November 30, 2014). Click on http://get.Investor-Edge.com/pdf/?c=Lennar&d=22-Jan-2015&s=LEN to read our free earnings review on Lennar Corp. (Lennar). During Q4 FY14 and FY14, the company's total revenue surged 35% Y-o-Y and 31% Y-o-Y, respectively. CEO of Lennar, Stuart Miller, stated that as the housing market has continued its slow but steady recovery, the company is extremely pleased with its Q4 FY14 and FY14 results, as Lennar achieved a 50% and 33% Y-o-Y increase in net earnings, respectively. Our free coverage report can be accessed at:

http://get.Investor-Edge.com/pdf/?c=Lennar&d=22-Jan-2015&s=LEN

Earnings Overview 

During Q4 FY14, Lennar's total revenues increased to $2.58 billion from $1.92 billion in Q4 FY13. Bloomberg's analysts were also expecting total revenues of $2.58 billion in Q4 FY14. The company's Homebuilding segment operating earnings stood at $375.06 million in Q4 FY14, compared to $294.24 million in Q4 FY13. Lennar's Financial Services segment operating earnings for Q4 FY14 was $30.24 million, compared to $17.02 million in Q4 FY13. The company's Rialto segment recorded operating earnings of $38.2 million (including an add back of $1.8 million of net loss attributable to noncontrolling interests), in Q4 FY14, compared to $13.9 million (offset by $1.7 million of net earnings attributable to noncontrolling interests) in Q4 FY13. However, Lennar Multifamily segment reported an operating loss of $6.11 million in Q4 FY14, compared to $6.54 million in Q4 FY13. The free research on LEN can be downloaded as in PDF format at:

http://get.Investor-Edge.com/pdf/?c=Lennar&d=22-Jan-2015&s=LEN

In Q4 FY14, the company's gross margin on home sales fell 120 basis points Y-o-Y to 25.6%. Lennar's Q4 FY14 net earnings attributable to the company stood at $245.32 million, or $1.07 per diluted share, compared to $164.08 million, or $0.73 per diluted share. Analysts from Bloomberg had expected the company to report net earnings attributable to Lennar of $220.87 million, or $0.96 per diluted share, in Q4 FY14. In Q4 FY14, deliveries of home were up 23% Y-o-Y to 6,950. The new home orders in Q4 FY14 increased 22% Y-o-Y to 5,492, or 24% Y-o-Y in dollar value to $1.8 billion. Meanwhile, the company's backlog of home in Q4 FY14 increased 21% Y-o-Y to 5,832, or 22% Y-o-Y in dollar value to $2.0 billion.

For FY14, the company's total revenues increased to $7.78 billion from $5.94 billion in FY13. Lennar's total revenues for FY14 missed Bloomberg analysts' forecast of $7.79 billion. Lennar's Homebuilding segment operating earnings was $1,033 million in FY14, compared to $733.08 million in FY13. The company's Financial Services segments operating earnings stood at $80.14 million in FY14, compared to $85.79 million in FY13. Meanwhile, Lennar's Rialto segment operating earnings surged to $66.6 million (including an add back of $22.5 million of net loss attributable to noncontrolling interests) in FY14, from $19.9 million (partially offset by $6.2 million of net earnings attributable to noncontrolling interests) in FY13. However, Lennar Multifamily segment reported an operating loss of $10.99 million in FY14, compared to operating loss of $16.99 million in FY13. Sign up and read the free analyst's notes on LEN at:

http://get.Investor-Edge.com/pdf/?c=Lennar&d=22-Jan-2015&s=LEN

During FY14, Lennar's gross margin on home sales improved to $1.7 billion, or 25.4%, from $1.3 billion, or 24.9% in FY13. The company's FY14 net earnings attributable to Lennar came at $638.92 million, or $2.80 per diluted share, compared to $479.67 million, or $2.15 per diluted share in FY13. Analysts from Bloomberg had expected the company to report net earnings attributable to Lennar of $596.00 million, or $2.64 per diluted share, in Q4 FY14. The deliveries of home was up 15% Y-o-Y to 21,003 in FY14, while the new home orders increased 16% Y-o-Y to 22,029 in FY14.  

Mr. Miller asserted that in fiscal 2015, despite slightly lower gross margins, the company's core homebuilding business is well positioned to deliver strong top and bottom-line growth throughout the year. He stated that while Lennar's homebuilding business continues to be the primary driver of its quarterly earnings, the company is extremely well positioned across all its platforms. He anticipates another year of substantial profitability in 2015, as the housing market continues its slow and steady progression.

Stock Performance 

On the day of the earnings release, January 15, 2015, Lennar's stock plummeted 7.17% to end the session at $42.48. Since then, the stock has moved both ways with gains outperforming the losses so far. On the last close, Wednesday, January 21, 2014, the stock finished 2.22% higher at $43.27, after vacillating between $42.32 and $43.64. A total of 3.79 million shares were traded which was slightly above its three months average volume of 3.76 million shares. Over the previous three trading sessions and over the last three months, the company's shares have advanced 1.86% and 0.72%, respectively. Further, the stock has gained 16.10% in the past one year. Visit Investor-Edge and access the latest research on LEN at:

http://get.Investor-Edge.com/pdf/?c=Lennar&d=22-Jan-2015&s=LEN

Sneak Peek to Corporate Insider Trading 

In the last one month, Lennar has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on LEN is available at:

http://get.Investor-Edge.com/pdf/?c=Lennar&d=22-Jan-2015&s=LEN

About Investor-Edge.com 

At Investor-Edge, we provide our members with a simple and reliable way to leverage our economy of scale. Most investors do not have time to track all publicly traded companies, much less perform an in-depth review and analysis of the complexities contained in each situation. That's where Investor-Edge comes in. We provide a single unified platform for investors' to hear about what matters. Situation alerts, moving events, and upcoming opportunities.

===============

EDITOR'S NOTES:

===============

1. This is not company news. We are an independent source and our views do not reflect the companies mentioned.

2. Information in this release is produced on a best efforts basis by Rohit Tuli, a CFA charterholder. The content is then further fact checked and reviewed by an outsourced research provider. However, we are only human and are prone to make mistakes. If you notice any errors or omissions, please notify us below.

3. This information is submitted as a net-positive to companies mentioned, to increase awareness for mentioned companies to our subscriber base and the investing public.

4. If you wish to have your company covered in more detail by our team, or wish to learn more about our services, please contact us at pubco [at] www.investor-edge.com.

5. For any urgent concerns or inquiries, please contact us at compliance [at] www.investor-edge.com.

6. Are you a public company? Would you like to see similar coverage on your company? Send us a full investors' package to research [at] www.investor-edge.com for consideration.

COMPLIANCE PROCEDURE

Content is researched, written and reviewed on a best-effort basis. This document, article or report is prepared and authored by Investor-Edge, represented by Rohit Tuli, CFA. An outsourced research services provider has only reviewed the information provided by Investor-Edge in this article or report according to the procedures outlined by Investor-Edge. Investor-Edge is not entitled to veto or interfere in the application of such procedures by the outsourced provider to the articles, documents or reports, as the case may be.

NOT FINANCIAL ADVICE

Investor-Edge makes no warranty, expressed or implied, as to the accuracy or completeness or fitness for a purpose (investment or otherwise), of the information provided in this document. This information is not to be construed as personal financial advice. Readers are encouraged to consult their personal financial advisor before making any decisions to buy, sell or hold any securities mentioned herein.

NO WARRANTY OR LIABILITY ASSUMED

Investor-Edge is not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted by Investor-Edge whatsoever for any direct, indirect or consequential loss arising from the use of this document. Investor-Edge expressly disclaims any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Investor-Edge does not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE Investor-Edge

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