Edition:
United States

Lennar Corp (LEN.N)

LEN.N on New York Stock Exchange

58.89USD
17 Nov 2017
Change (% chg)

$0.80 (+1.38%)
Prev Close
$58.09
Open
$57.91
Day's High
$59.10
Day's Low
$57.88
Volume
765,915
Avg. Vol
553,207
52-wk High
$59.32
52-wk Low
$41.83

Latest Key Developments (Source: Significant Developments)

Lennar Corp says ‍has priced an offering of $300 mln of 2.95% senior notes due 2020​
Tuesday, 14 Nov 2017 05:16pm EST 

Nov 14 (Reuters) - Lennar Corp :Lennar prices $300 million of senior notes due 2020 at 2.95% and $900 million of senior notes due 2027 at 4.75%.Lennar Corp - ‍has priced an offering of $300 million of 2.95% senior notes due 2020​.Lennar Corp - ‍ has also priced an offering of $900 million of 4.75% senior notes due 2027.Lennar Corp - ‍2020 notes will have an interest rate of 2.95% per annum, and 2027 notes will have an interest rate of 4.75% per annum​.Lennar Corp - ‍notes will pay interest semi-annually on May 29 and November 29, commencing May 29, 2018​.  Full Article

Lennar announces offering of senior notes
Tuesday, 14 Nov 2017 09:04am EST 

Nov 14 (Reuters) - Lennar Corp :Lennar announces offering of senior notes.Lennar - ‍ to use proceeds from offering to fund portion of cash consideration payable by co in connection with deal between CalAtlantic and co's unit​.  Full Article

Lennar to pay CalAtlantic $178.7 mln, ‍if deal terminated
Monday, 30 Oct 2017 07:05am EDT 

Oct 30 (Reuters) - CalAtlantic Group Inc :Lennar - ‍if deal terminated under certain conditions, co to pay CalAtlantic $178.7 million fee or CalAtlantic may be required to pay co $178.7 million fee.  Full Article

Lennar to buy CalAtlantic Group in about $9.3 bln deal
Monday, 30 Oct 2017 06:00am EDT 

Oct 30 (Reuters) - CalAtlantic Group Inc :‍Lennar and CalAtlantic announce business combination creating nation's leading homebuilder​.CalAtlantic Group Inc- ‍transaction valued at approximately $9.3 billion, including $3.6 billion of net debt assumed​.CalAtlantic Group Inc- ‍expect to realize $75 million and $250 million in synergies from combined co in FY 2018 and FY 2019​.CalAtlantic Group- ‍under terms of merger, each CalAtlantic share will be converted into right to receive 0.885 shares of Lennar class A common stock​.‍deal is accretive before deal costs in fiscal year 2018 and significantly accretive in fiscal year 2019​.CalAtlantic Group Inc - ‍consideration for deal is approximately 80% stock and 20% cash​.CalAtlantic Group Inc- ‍on a pro forma basis, CalAtlantic stockholders are expected to own approximately 26% of combined company​.CalAtlantic - co's stockholders will also have option to elect to exchange all or a portion of their shares for cash in amount of $48.26 per share​.  Full Article

Lennar reports Q3 EPS of $1.06
Tuesday, 3 Oct 2017 06:00am EDT 

Oct 3 (Reuters) - Lennar Corp : :Lennar reports third quarter EPS of $1.06.Q3 earnings per share $1.06.Q3 revenue $3.3 billion versus I/B/E/S view $3.24 billion.Q3 earnings per share view $1.01 -- Thomson Reuters I/B/E/S.Lennar Corp qtrly deliveries of 7,598 homes - up 12%.Lennar Corp qtrly new orders of 7,610 homes - up 8%.Lennar Corp - qtrly ‍gross margin on home sales of 22.8% - improved 20 basis points​.Lennar Corp - ‍expect once co gets past short-term impact from storms, there will be increased economic activity, increased demand for new homes.Lennar Corp - maintain our estimate that approximately 950 closings will be pushed from 2017 into 2018.Lennar Corp - increased economic activity, increased demand for new homes will result in broader range of opportunities for co as co looks towards 2018​.Lennar Corp quarter end backlog of 10,212 homes - up 10%.Lennar corp - ‍4 percent increase in average sales price of homes delivered in quarter​.Lennar Corp - quarter-end ‍backlog dollar value of $4.1 billion - up 18%​.Lennar corp - ‍qtrly new orders dollar value of $2.9 billion - up 14%​.  Full Article

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

BRIEF-Lennar announces offering of senior notes

* Lennar - ‍ to use proceeds from offering to fund portion of cash consideration payable by co in connection with deal between CalAtlantic and co's unit​ Source text for Eikon: Further company coverage: