New York, New York - September 24, 2012 (Investorideas.com newswire, www.homebuilderstocks.com) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research including homebuilder stocks issues an investor alert for Lennar Corporation (NYSE:LEN and LEN.B), reporting third quarter earnings . The stock traded as high as $38.27 following the earnings news but has pulled back with the general markets. The stock is now trading at $36.71, down 0.80(2.13%) 10:41AM EDT on over 5.7 Million shares volume.

Earnings Summary -

    Net earnings of $87.1 million, or $0.40 per diluted share, compared to net earnings of $20.7 million, or $0.11 per diluted share

 

    Deliveries of 3,655 homes - up 28%

    New orders of 4,198 homes - up 44%; cancellation rate of 17%

    Backlog of 4,513 homes - up 79%; backlog dollar value of $1.3 billion - up 95%

    Revenues of $1.1 billion - up 34%

    Gross margin on home sales of 23.2% - improved 210 basis points

    S, G&A expenses as a % of revenues from home sales of 12.0% - improved 230 basis points

    Operating margin on home sales of 11.2% - improved 440 basis points

    Lennar Homebuilding operating earnings of $71.3 million, compared to $27.1 million

    Lennar Financial Services operating earnings of $25.3 million, compared to $8.0 million

    Rialto Investments operating earnings totaled $7.7 million (including $13.4 million of net loss attributable to noncontrolling interests), compared to $5.7 million (net of $6.1 million of net earnings attributable to noncontrolling interests)

    Lennar Homebuilding cash and cash equivalents of $692.0 million

    Issued $400 million of 4.75% senior notes due 2017

    Completed the repurchase of $204.7 million aggregate principal amount of 5.95% senior notes due 2013 through a tender offer, resulting in a $6.5 million pre-tax loss

    No outstanding borrowings under the $525 million credit facility

    Lennar Homebuilding debt to total capital, net of cash and cash equivalents, of 47.7%

Investorideas.com Newswire

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto Investments segment is focused on distressed real estate asset investments, asset management and workout strategies. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com.

About InvestorIdeas.com:

InvestorIdeas.com is a leader in investor stock research by sector, featuring stock news, commentary and trading alerts in leading sectors including homebuilder stocks, beverage stocks, water stocks, biotech stocks and more.

Research homebuilder stocks at the Investorideas.com stock directory:

http://www.investorideas.com/Companies/ HomebuilderStocks/ HomebuilderStockList.asp

Follow Investorideas.com on Twitter http://twitter.com/#!/Investorideas

Follow Investorideas.com on Facebook http://www.facebook.com/Investorideas

Follow Investorideas.com News on Linkedin.com/today at http://www.linkedin.com/today/ investorideas.com

Sign up for the free investor news and stock alerts at Investorideas.com

http://www.investorideas.com/ Resources/Newsletter.asp

Become an Investorideas.com Member and access 14 online stock directories

http://www.investorideas.com/membership/

Disclaimer/ Disclosure: The Investorideas.com is a third party publisher of news and research Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. This site is currently compensated by featured companies, news submissions and online advertising.

BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894

800-665-0411 - Source - www.Investorideas.com