The Real Deal Miami

Lennar beats first quarter earnings expectations

Miami homebuilder reports big gains in revenue, home sales
March 20, 2014 01:30PM

Lennar's Stuart Miller

Stuart Miller

Miami homebuilder Lennar beat earnings estimates and reported increased home sales for the first quarter.

Lennar made $78.1 million, or 35 cents per share, on about $1.4 billion in revenue during the fiscal first quarter ending on Feb. 28, South Florida Business Journal reported. Analysts predicted the company would earn 28 cents per share on revenue of about $1.3 billion. Lennar made $57.5 million, or 26 cents per share, on $990 million in revenue during the fiscal first quarter of 2013.

Homebuilding revenue jumped 42 percent to more than $1.2 billion. Lennar completed 3,609 homes, a year-over-year increase of 13 percent, and received orders for 4,465 residences, a gain of 10 percent.

“Despite harsh weather conditions that impacted sales and construction during the quarter in some of our markets, we were able to achieve healthy year-over-year increases in both new orders and deliveries,” Lennar CEO Stuart Miller said. [South Florida Business Journal]Eric Kalis