Lennar Earnings Call, Second Quarter 2008
30th June 2008 00:00 AM |
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| The housing market continued to experience growth in inventory levels, depressing home prices and restricted the ability to sell those homes. |
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| The homebuilder realized a loss of $121 million, or 76 cents a share, up 51% from a net loss of $244million, or $1.55 a share in 2007 as revenues from home sales decreased 62% to $1 billion. Revenues were lower primarily due to a 58% decrease in the number of home deliveries and an 8% decrease in the average sales price of homes delivered. Lennar projects further deterioration in overall market conditions. |
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Lennar Fourth Quarter Earnings Call
29th April 2008 00:00 AM |
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| Revenues fell 15% from $5 billion in 2005 to $4.3 billion reflecting a change in pricing for new homes as sales incentives increased. |
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| The homebuilder reported a net loss of $196 million, or $1.24 a share, from net earnings of $581 million, or $3.54 per share in 2005 as market conditions remained depressed. Lennar considers that the strength of the balance sheet, and the renegotiated land positions that reflect current market conditions, provide the springboard from which it will be able to rebuild margins going forward. |
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Lennar First Quarter Earnings Call
31st March 2008 00:00 AM |
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| The company reported loss as both deliveries of new homes and new orders tumbled. |
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| Revenue, which includes its financing operations, fell 62% to $1.1 billion, which fell 5% short of the forecasts. Revenue from home building plunged 64% in the period to $953.1 million from $2.6 billion a year ago. The company saw the average sales price of one of its homes fall 8% to $278,000, partly due to higher sales incentives it needed to offer to maintain demand. The average incentive on one of its homes reached $48,000, up $2,500 from a year earlier. |
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Lennar Fourth Quarter Earnings Call
29th January 2008 00:00 AM |
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| Lennar reported a wider quarterly loss, as home deliveries and new home orders halved amid a slowdown in the U.S. housing market. |
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| Revenue fell 51% to $2 billion as the number of homes sold, excluding unconsolidated joint ventures, dropped 49% to 6,810. The result includes a $7.50 per share charge related to valuation adjustments and other write-offs, the company said in a statement. Lennar reduced its debt by $318 million year over year, ending the quarter with $642.5 million in cash on its balance sheet. Lennar reached agreements with its lenders to amend the terms of its senior unsecured revolving credit facility. |
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Lennar Third Quarter Earnings Call
2nd October 2007 00:00 AM |
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| Net loss was $514 million or $3.25 a share versus earnings of $207 million, or $1.30 a share in 2006, on poor revenue performance. |
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| The homebuilder was adversely affected by the sub-prime mortgage crisis with total revenues falling 44% from $4.2 billion in the prior year to $2.3 billion, as segment revenues and average sales prices on homes, across regions, decreased. The financial services segment also realised a loss of $5.2 million, due to the overall weakness in the homebuilding market, which led to a decrease in volume and transactions. No earnings guidance was provided in view of the volatile market conditions. |
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