MIAMI, Sept. 8 /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN
and LEN.B), one of the nation's largest homebuilders, is providing an
updated earnings per share estimate for the third quarter ended August 31,
2006 in advance of an upcoming investor conference. The Company is revising
its third quarter diluted earnings per share estimate to a range of $1.25
to $1.35.
Stuart Miller, President and Chief Executive Officer of Lennar
Corporation, said, "The U.S. housing market has continued to deteriorate.
Given difficult market conditions, we have limited our land purchases while
we have remained focused on even flow production and minimizing completed
inventory. As a result of this strategy, we experienced only a slight
decline of 5% in preliminary net new orders for the quarter. However,
increased sales incentives along with certain land adjustments were the
primary factors in lowering our earnings per share estimate. Our balance
sheet-first approach to running our business resulted in a materially lower
debt to total capital ratio than the prior year. We will provide additional
information about our third quarter results in our September 26, 2006 press
release and earnings conference call."
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 and
U.S. Home brand names. Lennar's Financial Services Division provides
primarily mortgage financing, title insurance and closing services for both
buyers of the Company's homes and others. Previous press releases and
further information about the Company may be obtained at the "Investor
Relations" section of the Company's website, http://www.lennar.com.
Some of the statements in this press release are "forward-looking
statements," as that term is defined in the Private Securities Litigation
Reform Act of 1995. You can identify forward-looking statements by the fact
that these statements do not relate strictly to historical or current
matters. Rather, forward-looking statements relate to anticipated or
expected events, activities, trends or results. Because forward-looking
statements relate to matters that have not yet occurred, these statements
are inherently subject to risks and uncertainties. Many factors could cause
our actual activities or results to differ materially from the activities
and results anticipated in forward-looking statements. These factors
include those described under the caption "Risk Factors Relating to Our
Business" in Item 1A of our Annual Report on Form 10-K/A for our fiscal
year ended November 30, 2005. We do not undertake any obligation to update
forward-looking statements.
SOURCE Lennar Corporation
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Related links:
http://www.lennar.com
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CONTACT:
Marshall Ames, Investor Relations of Lennar
Corporation, +1-305-485-2092
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