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Lennar Corp (LEN) SEC Filing 10-Q Quarterly report for the period ending Sunday, May 31, 2020

Lennar Corp

CIK: 920760 Ticker: LEN
Exhibit 99.1




Contact:
Allison Bober
Investor Relations
Lennar Corporation
(305) 485-2038
FOR IMMEDIATE RELEASE
Lennar Reports Second Quarter EPS of $1.65
Net earnings of $517.4 million, or $1.65 per diluted share, up from net earnings of $421.5 million, or $1.30 per diluted share, a 27% increase in earnings per share
Deliveries of 12,672 homes – consistent with prior year
New orders of 13,015 homes – down 10%; new orders dollar value of $4.9 billion – down 16%
Backlog of 17,975 homes – down 6%; backlog dollar value of $7.1 billion – down 8%
Revenues of $5.3 billion – down 5%
Homebuilding operating margins of $636.2 million, up from $608.3 million
Gross margin on home sales of 21.6%, up from 20.1%
S,G&A expenses as a % of revenues from home sales of 8.3%, compared to 8.4%
Operating margin on home sales of 13.3%, up from 11.6%
Financial Services operating earnings of $150.6 million (including a $61.4 million gain on deconsolidation), up from operating earnings of $62.5 million (net of noncontrolling interest)
Multifamily operating loss of $0.6 million, compared to operating loss of $4.3 million
Lennar Other operating loss of $18.0 million, compared to operating earnings of $1.8 million
Homebuilding cash and cash equivalents of $1.4 billion
No borrowings outstanding under the Company's $2.45 billion revolving credit facility
Redeemed $300 million of 6.625% senior notes
Homebuilding debt to total capital of 31.2%, compared to 38.3% last year




The following information was filed by Lennar Corp (LEN) on Monday, June 15, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lennar Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)
Basis Of Presentation
Basis Of Presentation (Policy)
Basis Of Presentation - Narrative (Details)
Commitments And Contingencies (Tables)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities - (Additional Information About Leases) (Details)
Commitments And Contingent Liabilities - (Future Minimum Payments Under Noncancellable Leases) (Details)
Commitments And Contingent Liabilities - (Narrative) (Details)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Tables)
Financial Instruments And Fair Value Disclosures
Financial Instruments And Fair Value Disclosures (Tables)
Financial Instruments And Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details)
Financial Instruments And Fair Value Disclosures - (Communities With Indicators For Impairment) (Details)
Financial Instruments And Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details)
Financial Instruments And Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details)
Financial Instruments And Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details)
Financial Instruments And Fair Value Disclosures - (Narrative) (Details)
Financial Instruments And Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details)
Financial Instruments And Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details)
Financial Instruments And Fair Value Disclosures - (Unobservable Inputs Used In Discounted Cash Flow Model To Determine The Fair Value Of Communities) (Details)
Homebuilding Senior Notes And Other Debts Payable
Homebuilding Senior Notes And Other Debts Payable (Letter Of Credit Facilities) (Details)
Homebuilding Senior Notes And Other Debts Payable (Narrative) (Details)
Homebuilding Senior Notes And Other Debts Payable (Schedule Of Senior Notes And Other Debts Payable) (Details)
Homebuilding Senior Notes And Other Debts Payable (Tables)
Income Taxes
Income Taxes (Income Tax Benefit (Provision) (Details)
Income Taxes (Tables)
Investments In Unconsolidated Entities
Investments In Unconsolidated Entities (Details Of Multifamily Unconsolidated Entities) (Details)
Investments In Unconsolidated Entities (Narrative) (Details)
Investments In Unconsolidated Entities (Tables)
New Accounting Pronouncements
Operating And Reporting Segments
Operating And Reporting Segments (Disclosure Of Assets And Liabilities) (Details)
Operating And Reporting Segments (Disclosure Of Facilities) (Details)
Operating And Reporting Segments (Financial Information Related To Segments) (Details)
Operating And Reporting Segments (Homebuilding Assets) (Details)
Operating And Reporting Segments (Homebuilding Financial Information) (Details)
Operating And Reporting Segments (Narrative) (Details)
Operating And Reporting Segments (Tables)
Operating And Reporting Segments Operating And Reporting Segments (Activity In Loan Origination Liabilities) (Details)
Product Warranty
Product Warranty (Schedule Of Product Warranty Reserve) (Details)
Product Warranty (Tables)
Schedule Of Basic And Diluted Earnings Per Share (Details)
Stockholders' Equity
Stockholders' Equity (Schedule Of Changes In Equity) (Details)
Stockholders' Equity (Tables)
Supplemental Financial Information
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details)
Supplemental Financial Information (Condensed Consolidating Statement Of Cash Flows) (Details)
Supplemental Financial Information (Condensed Consolidating Statement Of Operations And Comprehensive Income) (Details)
Supplemental Financial Information (Narrative) (Details)
Supplemental Financial Information (Tables)
Variable Interest Entities
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details)
Variable Interest Entities (Narrative) (Details)
Variable Interest Entities (Tables)

Material Contracts, Statements, Certifications & more

Lennar Corp provided additional information to their SEC Filing as exhibits

Ticker: LEN
CIK: 920760
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-010213
Submitted to the SEC: Mon Jul 06 2020 4:30:41 PM EST
Accepted by the SEC: Mon Jul 06 2020
Period: Sunday, May 31, 2020
Industry: General Bldg Contractors Residential Bldgs

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