Industry News

Home builder’s earnings soar

Lennar reports record fourth-quarter, yearly profits

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Lennar Corp., one of the nation's largest home builders, today reported record fourth-quarter net earnings of $379.7 million, or $2.29 per share. Quarterly profit was up from $283.2 million, or $1.69 per share, during the same period last year. Net earnings for the year ended Nov. 30, 2004, were $945.6 million, or $5.70 per share diluted, compared to net earnings of $751.4 million, or $4.65 per share diluted, in 2003. "Demand for new homes has remained strong, driving company-wide orders up 5 percent in the fourth quarter even while Florida new orders and community openings lagged demand in the wake of a hyperactive hurricane season," Lennar President and CEO Stuart Miller said. Fourth-quarter revenues from home sales increased 26 percent to $3.4 billion from $2.7 billion in 2003. The increase primarily was due to a 12 percent increase in the number of home deliveries and a 12 percent increase in the average sales price of homes delivered. New home deliveries increased to 11,716 h...