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Lennar Corp (LEN.N)

LEN.N on New York Stock Exchange

50.46USD
20 Sep 2017
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Latest Key Developments (Source: Significant Developments)

Lennar says ‍Hurricane Harvey did impact around 120 new orders and deliveries in Q3​
Thursday, 14 Sep 2017 06:00am EDT 

Sept 14 (Reuters) - Lennar Corp ::Lennar provides third quarter 2017 new orders and deliveries, as well as an update on recent storms.Lennar Corp - ‍Hurricane Harvey did impact approximately 120 new orders and deliveries in Q3​.Lennar Corp - ‍for three months ended August 31, 2017, lennar had 7,610 new orders, up 8 percent.Lennar Corp - ‍Hurricane Harvey is also expected to impact approximately 130 deliveries in Q4 ending november 30, 2017​.Lennar Corp - ‍short-term impact of Hurricane Irma will most likely delay approximately 700 deliveries from q4 of 2017 into fiscal 2018​.Lennar Corp - ‍for three months ended August 31, 2017, Lennar had 7,598 deliveries including unconsolidated entities, up 12 percent ​.Lennar Corp says "believe we have adequate insurance coverage to cover any expected losses"​.  Full Article

Gamco says may discuss with Lennar other alternatives to eliminate discount between co's Class A and Class B shares
Wednesday, 2 Aug 2017 05:23pm EDT 

Aug 2 (Reuters) - Lennar Corp :Gamco says may discuss with Lennar Corp other alternatives to eliminate discount between co's Class A shares and co's Class B shares - sec filing.  Full Article

Lennar says is on track to deliver 29,500-30,000 homes in FY 2017 - Conf call
Tuesday, 20 Jun 2017 12:08pm EDT 

June 20 (Reuters) - Lennar Corp :Says expects each of its big business segments to continue to grow in the back half of 2017.Says it is on track to deliver 22.0-22.5 percent gross margins for full year.Says its focus on deliverable inventory resulted in an acceleration of home deliveries that were previously expected in Q3.Says on track to deliver 29,500-30,000 homes in FY 2017.Says increasing average sales price forecast for home sold in fy 2017 to $370,000-$375,000 from $365,000-$370,000.Says there is a smaller population of homes available for delivery in Q3, give that it accelerated closings from Q3 into Q2.  Full Article

Lennar Q2 EPS $0.91
Tuesday, 20 Jun 2017 06:00am EDT 

June 20 (Reuters) - Lennar Corp ::Lennar reports second quarter EPS of $0.91.Lennar reports second quarter EPS of $0.91.Q2 earnings per share $0.91.Q2 revenue $3.3 billion versus I/B/E/S view $2.87 billion.Q2 earnings per share view $0.78 -- Thomson Reuters I/B/E/S.Lennar Corp - qtrly deliveries of 7,710 homes - up 15%.Lennar Corp - qtrly new orders of 8,898 homes - up 12%.Lennar Corp quarter-end backlog of 10,201 homes - up 13%; quarter-end backlog dollar value of $4.0 billion - up 20%.Lennar Corp qtrly gross margin on home sales of 21.5%, compared to 23.1%, improved sequentially 40 basis points from Q1 2017.Lennar Corp says 3% increase in average sales price of homes delivered in q2.  Full Article

Lennar amended credit agreement governing its unsecured revolving credit facility
Monday, 22 May 2017 05:48pm EDT 

May 22 (Reuters) - Lennar Corp :Lennar Corp - on may 18, co amended credit agreement governing its unsecured revolving credit facility to increase maximum potential borrowings.Lennar Corp says amended to increase maximum potential borrowings from $1.8 billion to $2.0 billion - sec filing.Lennar Corp - amended to extend maturity of class a lenders' commitments, which are currently $1.4 billion of credit facility, from June 2020 to June 2022.Lennar Corp - class b lenders' commitments, terminate in June 2018, and class c lender's commitment, terminates in June 2020.  Full Article

U.S. court of appeals affirms earlier judgment in favor of iStar
Friday, 14 Apr 2017 08:00am EDT 

iStar Inc : US court of appeals affirms judgment in favor of iStar . Court affirmed judgment in matter of U.S. Home Corporation v. Settlers Crossing, L.L.C., iStar Inc. et al . Court determined that company was entitled to specific performance from Lennar in amount of remaining $114 million purchase price due under land contract .Court also determined company entitled to interest on unpaid amounts at rate of 12.0% per annum from and after May 27, 2008 until paid, of about $121 million.  Full Article

Lennar reports one-time charge for litigation from 2008
Monday, 10 Apr 2017 07:30am EDT 

Lennar Corp : Lennar reports one-time charge for litigation from 2008 . Lennar Corp - Recorded a litigation accrual which will result in Q1 net earnings being lower than $130.8 million, or $0.56 per diluted share . Based on court hearing co now believes it is appropriate to record a one-time charge of $140 million for the litigation .Lennar Corp - In addition to accrual, company would purchase property which is subject of litigation for $114 million.  Full Article

GAMCO Asset Management Inc reports 6.01 pct stake in Lennar Corp
Wednesday, 29 Mar 2017 06:29am EDT 

Lennar Corp : GAMCO Asset Management Inc reports 6.01 percent stake in Lennar Corp as on March 28, 2017 . GAMCO-To vote for maintaining lennar's existing voting structure,will vote "against" proposal requesting all of co's outstanding stock have one-vote/share . GAMCO - may also discuss with Lennar Corp other alternatives to eliminate discount between co's class B and class A shares .GAMCO- Plans to have conversations with Lennar,class B stockholders for proposal to provide class B stockholders with right to convert shares into class A shares.  Full Article

Lennar reaffirms 2017 gross margin forecast
Tuesday, 21 Mar 2017 12:04pm EDT 

Lennar Corp : "Year-end margin will still be right on top of our guidance" - CEO on conf call . "Planning to build both WCI and Lennar brands in some of our larger communities" - conf call . "Our 2017 growth rates should be on the higher side of our goals or little over that goal" - CEO on conf call . FivePoint "might just find a window to go public" amid current market optimism - conf call . Sees Q2 gross margin between 21 percent and 21.5 percent after impact from writing up WCI's backlog in purchase accounting- conf call . Expect to deliver between 29,500 and 30,000 homes for 2017 - conf call Further company coverage: [LEN.N] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Lennar reports Q1 EPS $0.56
Tuesday, 21 Mar 2017 06:00am EDT 

Lennar Corp : Lennar reports first quarter EPS of $0.56 . Q1 earnings per share $0.56 . Q1 revenue $2.3 billion versus I/B/E/S view $2.19 billion . Q1 earnings per share view $0.55 -- Thomson Reuters I/B/E/S . Lennar Corp qtrly deliveries of 5,453 homes - up 13% . quarter-End backlog of 9,017 homes - up 18% . Qtrly gross margin on home sales of 21.1%, compared to 22.7% . Lennar Corp qtrly new orders dollar value of $2.4 billion - up 16% .Average sales price of homes delivered was $365,000 in q1 of 2017, consistent with q1 of 2016.  Full Article

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Lennar expects Irma to cause delays in home deliveries

U.S. homebuilder Lennar Corp said on Thursday it expects hundreds of home deliveries in Florida, Georgia and South Carolina to be delayed due to the impact of Hurricane Irma that ravaged the Atlantic coast.