Lennar Corporation - LEN STOCK NEWS

Lennar reported a robust third quarter for 2021, with net earnings of $1.4 billion, or $4.52 per diluted share, doubling from $666.4 million in 2020. Home deliveries increased by 10% to 15,199 homes, and new orders rose 5% to 16,277 homes, valuing $7.5 billion. Revenues hit $6.9 billion, an 18% increase. The gross margin on home sales reached a record 27.3%, driven by a 14% revenue increase per square foot. Despite supply chain challenges, the company ended the quarter with $2.6 billion in cash, no debt, and an upgraded investment-grade rating.

Lennar, a prominent homebuilder, is set to release over 1,000 homes for sale by year-end in more than 70 communities across the Tampa Bay area. This initiative aims to address the low inventory of new homes in a competitive market where only 15,000 new homes are typically built each year. The new homes, priced between the mid-$200s and mid-$300s, are located in desirable communities featuring modern amenities. Lennar has partnered with Opendoor to streamline the home buying process, allowing buyers to sell their current home for a cash offer to facilitate their next purchase.

Chris Marlin has stepped down as President of Lennar International after eight years. He founded the company as Lennar's foreign home sales arm and was instrumental in forming global capital strategies. Under his leadership, Lennar became the top destination for foreign buyers in the U.S. housing market. Marlin will continue to engage in real estate investment, focusing on ClimateTech and PropTech. He has also joined ClimateAlpha.ai as a strategic advisor and remains active in various advisory and board roles.

Lennar Corporation (NYSE: LEN and LEN.B) will report its third-quarter earnings after the market closes on September 20, 2021. The results will cover the period ending August 31, 2021. A conference call is scheduled for September 21, 2021, at 11:00 a.m. Eastern Time, which will be accessible live through Lennar's website. The company, founded in 1954, is a leading homebuilder known for constructing affordable homes and providing financial services. More details can be found on their official website.

LMC, a subsidiary of Lennar, announces that Senior VP of Marketing, Beth Tuttle, has been accepted into the Forbes Communications Council. This invitation-only community recognizes accomplished leaders in communications and marketing. Tuttle’s acceptance is based on her impactful business growth and notable achievements. As a member, she will gain exclusive networking opportunities, access to vetted business partners, and support from Forbes. Tuttle expressed her excitement about contributing to the Council and leveraging her expertise to enhance LMC's brand.

LMC, a subsidiary of Lennar, has closed on land for Paxton, a luxury mixed-use community in Tysons, Northern Virginia, with first move-ins expected in early 2024. The project includes 447 apartments and 14,713 square feet of retail space. Paxton will feature diverse apartment types with modern amenities, situated near parks, dining, and major transportation links. The area is part of the larger Scotts Run development, which will encompass 6.5 million square feet of mixed-use space. LMC's portfolio includes a 31,800-unit pipeline worth over $12 billion.

LMC, a subsidiary of Lennar, has announced the land closing for its new multifamily development, Artemas, in Everett, Massachusetts. This mid-rise community will feature 396 apartment homes and 1,500 square feet of retail space, strategically located in Everett's 'Fermentation District' near Downtown Boston. Residents will enjoy amenities such as a pool, fitness center, and work-from-home spaces. Leasing is expected to start in mid-2023. LMC's portfolio includes a pipeline of 31,800 units valued over $12 billion.

Lennar Corporation (NYSE: LEN, LEN.B) announces that Jeff Roos, Regional President of its Western Region, is inducted into the California Homebuilding Foundation's (CHF) Hall of Fame. This honor recognizes individuals for outstanding contributions to the homebuilding industry. With over 35 years in the sector, Roos has been pivotal in Lennar's growth since 1996, including founding the Lennar Charitable Housing Foundation. The 36th annual Hall of Fame gala will be hosted virtually on June 24, 2021, to celebrate industry leaders dedicated to workforce education.

LMC, a subsidiary of Lennar (LEN), announced that its Human Resources Director, Nicole Brown, has joined the Forbes Human Resources Council. This exclusive community recognizes HR executives for their contributions to business growth. Brown's acceptance reflects her impactful track record and the company's commitment to leadership in the multifamily sector. As a council member, she gains access to resources and opportunities to influence HR discourse and collaborate with other industry leaders.