Home-builder Lennar Corp. (LEN,LEN.B) reported a surge in fourth-quarter net earnings attributable to the company to $124.34 million, or $0.56 per share, from last year's $30.3 million, or $0.16 per share. On average, 24 analysts polled by Thomson Reuters expected earnings per share of $0.44 for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the latest quarter totaled $1.35 billion, up 42% from $952.65 million a year before. Analysts estimated revenues of $1.31 billion for the quarter.
Lennar's Chief Executive stated, "Our fourth quarter reflects the recovery in housing with solid profitability in all of our business segments. Our homebuilding sales pace continued to grow with a 32% increase in new orders, while our homebuilding gross margin percentage increased 410 basis points over last year to 23.5% and our homebuilding operating margin percentage increased 660 basis points over last year to 12.2%. Our homebuilding machine continues to improve and be our primary driver of profitability, fueled by our opportunistic land acquisitions and increasing operating leverage due to higher absorption per community and overall deliveries."
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