Lennar Reports Second Quarter EPS of $2.65

MIAMI, June 16, 2021 /PRNewswire/ — Net earnings of $831.4 million, or $2.65 per diluted share, compared to net earnings of $517.4 million, or $1.65 per diluted share – both up 61% Net earnings were $923.6 million, or $2.95 per diluted share, excluding the mark to market losses on the Company’s strategic investments in Opendoor and Sunnova, and the gain on sale of the Company’s solar business Deliveries of 14,493 homes – up 14% New orders of 17,157 homes – up 32%; new orders dollar value of $7.6 billion – up 56% Backlog of 24,741 homes – up 38%; backlog dollar value of $11.0 billion – up 56% Revenues of $6.4 billion – up 22% Homebuilding net margins of $1.1 billion, compared to $655.1 million Gross margin on home sales of 26.1%, compared to 21.6% S,G&A expenses as a % of revenues from home sales of 7.6%, compared to 8.3% Net margin on home sales of 18.5%, compared to 13.3% Financial Services operating earnings of $121.2 million, compared to $150.6 million (including a $61.4 million gain on deconsolidation) Multifamily operating earnings of $22.4 million, compared to operating loss of $0.6 million Lennar Other operating loss of $54.1 million, compared to $18.0 million Homebuilding cash and cash equivalents of $2.6 billion Controlled homesites as a percentage of total owned and controlled homesites increased to 50%, compared to 32% No borrowings under the Company’s $2.5 billion revolving credit facility Homebuilding debt to total capital of 23.1%, compared to 31.2% Subsequent to May 31, 2021: The Company retired $300 million of homebuilding senior notes due December 2021 S&P upgraded the Company to Investment Grade. The Company now has an Investment Grade rating from all three agencies.

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