Lennar Corp. Fourth Quarter 2011 Numbers | ||
Quarter Four | Fiscal Year | |
Profit/(Loss) | $30.3 M -5.5% | $92.2 M -3.2% |
Home Deliveries | 3,375 +9.3% | 10,845 -1.0% |
New Orders | 3,027 +20% | 11,412 +4.4% |
Behind the Numbers:
Lennar reported its seventh profitable quarter Wednesday, not to mention a profitable fiscal year, though gains were small at 16 cents a share for the quarter and 48 cents for the year. Deliveries for the year were essentially flat. More encouraging was its order numbers, which were up considerably for the quarter, if only slightly for the year. Backlog at the company’s Nov. 30 fiscal year was up 35%. Lennar’s famously conservative CEO Stuart Miller, who often serves as a bit of an oracle for the industry, even ventured to pronounce that the market has begun to stabilize. Rising rental rates coupled with low interest rates and home prices are working to tip the scale away from renting and toward buying homes, he said.
Lennar Corp.’s fourth quarter and fiscal year ended November 30.
Learn more about markets featured in this article: Miami, FL.
