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Lennar Corp (LENb.N)

LENb.N on New York Stock Exchange

56.66USD
18 Jan 2018
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Latest Key Developments (Source: Significant Developments)

Lennar Sees FY 2018 Gross Margin About 22 Pct VS 22.1 Pct In FY 2017 - Conf Call‍​
Wednesday, 10 Jan 2018 12:10pm EST 

Jan 10 (Reuters) - Lennar Corp ::LENNAR CORP SAYS THE “STRATEGIC” TRANSACTION THAT SHIFTED FROM Q4 TO Q1 2018, WILL PRODUCE MORE THAN THE Q4 SHORTFALL IN Q1 - CONF CALL‍​.LENNAR SAYS CONCERNS ABOUT CAPS ON DEDUCTION OF INTEREST PAYMENT ON MORTGAGE DEBT AND STATE AND LOCAL TAX AS PART OF THE TAX REFORM, SEEM TO BE OFFSET BY OPTIMISTIC MOMENTUM AROUND ECONOMIC GROWTH- CONF CALL‍​.LENNAR SAYS IT HAS STUDIED SPECIFIC IMPACTS OF THE TAX LAW ON ITS TYPICAL BUYER PROFILE IN EACH MARKET, AND FOUND THAT THE EFFECT IS GENERALLY POSITIVE AT THEIR INCOME LEVELS- CONF CALL‍​.LENNAR ANTICIPATES CLOSING THE MERGER WITH CALATLANTIC ON FEB. 12, 2018 - CONF CALL‍​.LENNAR SEES FY 2018 HOME DELIVERIES BETWEEN 32,000 AND 32,500 UNITS VERSUS 29,394 UNITS IN FY 2017 - CONF CALL‍​.LENNAR EXPECTS FY 2018 OPERATING MARGINS TO MATCH THE 2017 LEVEL OF 12.9 PERCENT - CONF CALL‍​.LENNAR SEES FY 2018 GROSS MARGIN TO BE ABOUT 22 PERCENT VERSUS 22.1 PERCENT IN FY 2017 - CONF CALL‍​.  Full Article

Lennar Reports Fourth Quarter EPS Of $1.29
Wednesday, 10 Jan 2018 06:00am EST 

Jan 10 (Reuters) - Lennar Corp ::QTRLY REVENUES OF $3.8 BILLION - UP 12%.IN QUARTER 8% INCREASE IN AVERAGE SALES PRICE OF HOMES DELIVERED.QTRLY DELIVERIES OF 8,633 HOMES - UP 5%.QUARTER-END BACKLOG OF 8,935 HOMES - UP 17%; QUARTER-END BACKLOG DOLLAR VALUE OF $3.6 BILLION - UP 23%.QTRLY NEW ORDERS OF 7,357 HOMES - UP 12%; NEW ORDERS DOLLAR VALUE OF $2.8 BILLION - UP 18%.TAX REFORM BILL WILL REDUCE EFFECTIVE TAX RATE IN 2018 FROM 34% TO ABOUT 25%.LENNAR - EXCLUDED FROM 2018 EFFECTIVE TAX RATE IS 1-TIME NON-CASH WRITE-DOWN OF DEFERRED TAX ASSETS OF ABOUT $70 MILLION WHICH WILL BE RECORDED IN Q1 2018.LENNAR REPORTS FOURTH QUARTER EPS OF $1.29.Q4 EARNINGS PER SHARE $1.29.Q4 EARNINGS PER SHARE VIEW $1.48 -- THOMSON REUTERS I/B/E/S.QTRLY GROSS MARGIN ON HOME SALES OF 22.4%, COMPARED TO 23.3%.LENNAR - ONE-TIME NON-CASH WRITE-DOWN OF DEFERRED TAX ASSETS, WHICH WILL BE RECORDED IN Q1 OF 2018, WAS AS RESULT OF LOWER EFFECTIVE TAX RATE."MISSED Q4, BOTTOM-LINE GUIDANCE BECAUSE A SINGLE, STRATEGIC TRANSACTION SHIFTED INTO Q1 OF 2018".LENNAR - "ENTHUSIASM FOR STRENGTH OF ECONOMY, COMBINED WITH ADDED TAILWINDS OF RECENT TAX LAW CHANGES, CONTINUE TO PROPEL HOUSING MARKET FORWARD".Q4 REVENUE VIEW $3.57 BILLION -- THOMSON REUTERS I/B/E/S.IN DEC 2017, TAX CUTS AND JOBS ACT WAS ENACTED WHICH WILL HAVE A POSITIVE IMPACT ON CO'S EFFECTIVE TAX RATE IN 2018, SUBSEQUENT YEARS.  Full Article

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

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Lennar sees strong demand in 2018; shares hit record high

Lennar Corp on Wednesday reported a surprise drop in quarterly profit but said strong economic growth in 2018 would offset concerns about housing demand being hit by cuts to tax relief on mortgages.