- Net earnings of $137.4 million, or $0.61 per diluted share\
- Deliveries of 4,464 homes - up 39%
- New orders of 5,705 homes - up 27%
- Backlog of 6,163 homes - up 55%; backlog dollar value of $1.9 billion - up 76%
- Revenues of $1.4 billion - up 53%
- Gross margin on home sales of 24.1% - improved 160 basis points
- S,G&A expenses as a % of revenues from home sales of 10.9%
- Operating margin on home sales of 13.3% - improved 410 basis points
- Lennar Homebuilding operating earnings of $158.4 million
- Lennar Financial Services operating earnings of $29.2 million, compared to $18.0 million
The market reaction of this stock is very disappointing.
Why sell this stock when the trend is intact and the future looks bright ? If two great news can't move this stock up more than 3%, something is wrong with the intelligence of the traders. Oops, it is not the traders, it is the computers with preloaded software.