Homebuilder Lennar Corp. (LEN) Reports Greatly Improved Results

Lennar Corporation (NYSE:LEN), one of the nation’s leading homebuilders, today announced the results of its fourth quarter and fiscal year ended November 30, 2012. Fourth quarter net earnings attributable to Lennar were $124.3 million compared to $30.3 million for the last quarter of 2011. Diluted Earnings per share were $ 0.56 in the fourth quarter 2012 compared to $0.16 in 2011.

For the full fiscal year, net earnings attributable to Lennar were $679.1 million in 2012, or $3.11 per diluted share, compared to $92.2 million, or $0.48 per diluted share in 2011. Lennar is now in position to take advantage of a recovering housing market.

The company says that its beginning sales backlog for fiscal 2013 was up 100% over the prior year.

The Chief Executive Officer of Lennar Corporation Mr. Stuart Miller said in the company’s announcement: “During our fourth quarter, the housing industry took further steps toward a sustained recovery. Low mortgage rates, affordable home prices, reduced foreclosures and an extremely favorable ‘rent vs. own’ comparison continue to drive the recovery. Housing should continue to assume its traditional role in the broader economic recovery, driving employment upward, increasing consumer confidence and helping new homeowners accumulate wealth through home ownership, thus helping to accelerate economic growth.”

About Lennar Corporation (SOURCE: The Company)
Lennar Corporation, founded in 1954, is headquartered in Miami, Florida and is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and retirement homes in Communities that cater to almost any lifestyle – such as urban, golf course, Active Adult or suburban Communities.

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