MIAMI, Sept. 21 /PRNewswire-FirstCall/ -- Lennar Corporation
(NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced
today that earnings per share for the quarter ended August 31, 2005 will
exceed $2.00 per diluted share when the Company announces earnings in its
regularly scheduled earnings release next week. Additionally, deliveries will
exceed 10,900 homes vs. the previously announced goal of 10,800 homes,
homebuilding gross margin will exceed 26.0% (more than 300 basis points higher
than last year) and net new orders will grow more than 20% compared to the
prior year. Greater detail will be provided in next week's regularly
scheduled earnings conference call.
Stuart Miller, President and Chief Executive Officer of Lennar
Corporation, said, "While we generally don't preannounce our quarterly
results, given yesterday's market volatility and given the fact that our Miami
corporate office was closed and management was inaccessible because of
Hurricane Rita, we felt it prudent to preannounce our third quarter results.
We are pleased to report that our third quarter earnings will exceed both our
goal of $1.85 and the high end of analyst expectations for the third quarter.
Additionally, we will be increasing our fiscal year 2005 EPS goal in our
earnings conference call next week."
Lennar Corporation, founded in 1954, is headquartered in Miami, Florida
and is one of the nation's leading builders of quality homes for all
generations, building affordable, move-up and retirement homes. The Company
operates primarily under the Lennar and U.S. Home brand names and utilizes a
Dual Marketing strategy consisting of the Everything's Included(R) and Design
Studio(SM) programs. Lennar's Financial Services Division provides mortgage
financing, title insurance, closing services and insurance agency services for
both buyers of the Company's homes and others. Its Strategic Technologies
Division provides high-speed Internet and cable television services to
residents of the Company's communities and others. Previous press releases may
be obtained at 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. These forward-looking statements include statements
regarding our business, financial condition, growth strategies and prospects.
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" included in our Annual Report
on Form 10-K for our fiscal year ended November 30, 2004, and in our other
filings with the Securities and Exchange Commission. We do not undertake any
obligation to update forward-looking statements.
SOURCE Lennar Corporation
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Related links:
http://www.lennar.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20040604/LENLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/507038.html
CONTACT:
Marshall Ames, Investor Relations of Lennar
Corporation, +1-305-485-2092
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