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Lennar Corp (LEN) SEC Filing 10-Q Quarterly report for the period ending Sunday, February 28, 2021

Lennar Corp

CIK: 920760 Ticker: LEN
Exhibit 99.1




Contact:
Allison Bober
Investor Relations
Lennar Corporation
(305) 485-2038
FOR IMMEDIATE RELEASE
Lennar Reports First Quarter EPS of $3.20
Net earnings of $1.0 billion, or $3.20 per diluted share, compared to net earnings of $398.5 million, or $1.27 per diluted share – both up over 150%
Excluding the pretax gain of $469.7 million ($358.7 million after tax) related to the mark to market of a strategic investment that went public, EPS would have been $2.04 per diluted share
Deliveries of 12,314 homes – up 19%
New orders of 15,570 homes – up 26%; new orders dollar value of $6.5 billion – up 31%
Backlog of 22,077 homes – up 25%; backlog dollar value of $9.5 billion – up 32%
Revenues of $5.3 billion – up 18%
Homebuilding net margins of $824.8 million, compared to $474.3 million
Gross margin on home sales of 25.0%, compared to 20.5%
S,G&A expenses as a % of revenues from home sales of 8.4%, compared to 9.2%
Net margin on home sales of 16.6%, compared to 11.4%
Financial Services operating earnings of $146.2 million, compared to $58.2 million
Multifamily operating loss of $0.9 million, compared to operating earnings of $1.8 million
Lennar Other operating earnings of $471.3 million (including $469.7 million gain related to a strategic investment that went public), compared to $0.9 million
Homebuilding cash and cash equivalents of $2.4 billion
No borrowings under the Company's $2.5 billion revolving credit facility
Homebuilding debt to total capital of 24.0%, compared to 33.6%
Controlled homesites as a percentage of total owned and controlled homesites increased to 45%, compared to 31%
(more)

The following information was filed by Lennar Corp (LEN) on Tuesday, March 16, 2021 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 (Homebuilding Unconsolidated Entities) (Details)
Investments In Unconsolidated Entities (Multifamily Income And Costs) (Details)
Investments In Unconsolidated Entities (Narrative) (Details)
Investments In Unconsolidated Entities (Tables)
Operating And Reporting Segments
Operating And Reporting Segments (Commercial Mortgage-Backed Securities) (Details)
Operating And Reporting Segments (Disclosure Of Assets And Liabilities) (Details)
Operating And Reporting Segments (Disclosure Of Facilities) (Details)
Operating And Reporting Segments (Fair Value Inputs For Commercial Mortgage-Backed Securities) (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 (Loans Held-For-Sale) (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)
Variable Interest Entities
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details)
Variable Interest Entities (Exposure To Losses) (Details)
Variable Interest Entities (Narrative) (Details)
Variable Interest Entities (Tables)
Ticker: LEN
CIK: 920760
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-21-006359
Submitted to the SEC: Thu Apr 01 2021 4:32:04 PM EST
Accepted by the SEC: Thu Apr 01 2021
Period: Sunday, February 28, 2021
Industry: General Bldg Contractors Residential Bldgs

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