Lennar Q4 Total Revenues Up 11%
Net earnings attributable to the company were $30.27m for the fiscal fourth quarter of 2011, compared to $32.03m for the same period of fiscal 2010. Diluted earnings per share was $0.16 and $0.17 for the fiscal fourth quarter of 2011 and 2010 respectively.
For the fiscal year ended November 30, 2011, total revenues were $3.09 billion, an increase of one percent, compared to $3.07 billion for the same period of fiscal 2010. Net earnings attributable to Lennar were $92.19m for the fiscal 2011, compared to $95.26m for the same period of fiscal 2010.
The diluted earnings per share were $0.48 for the fiscal 2011, compared to $0.51 per diluted share for the same period of fiscal 2010.
Corporate general and administrative expenses were $28.5m, or three percent as a percentage of total revenues, in the fourth quarter of 2011, compared to $25.1m, or 2.9 percent as a percentage of total revenues, in the fourth quarter of 2010.
Stuart Miller, CEO of Lennar Corporation, said: "We are pleased to report earnings per share of $0.16 for our fourth fiscal quarter of 2011, making this our seventh consecutive quarter of profitability. Despite operating in a challenging real estate market, we achieved profitability in all of our business segments.
"During the quarter, we continued to manage our homebuilding business carefully with tight controls over our costs and a focus on improving our gross margins. We benefited greatly from our strategic capital investments in new higher margin communities, which helped us produce a 21.6 percent gross margin, excluding valuation adjustments, in the fourth quarter."
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