Lennar Corporation - LEN STOCK NEWS

Lennar reported third-quarter net earnings of $666.4 million or $2.12 per diluted share, marking increases of 30% and 33% year-over-year. Deliveries rose 2% to 13,842 homes, while new orders surged 16% to 15,564 homes valued at $6.3 billion. The backlog also grew by 4%. Revenues remained stable at $5.9 billion, with gross margin on home sales improving to 23.1%. The company ended the quarter with $2 billion in cash and no debt under its revolving credit facility. Fourth-quarter expectations include 15,500-16,000 home deliveries and a gross margin of 23.25%-23.5%.

Lennar Corporation (NYSE: LEN and LEN.B) will announce its third-quarter earnings for the period ending August 31, 2020, after market close on September 14, 2020. A conference call to discuss these results is scheduled for September 15, 2020, at 11:00 a.m. Eastern Time, which will be available for live streaming on Lennar's website. The call will also be archived for 90 days for those unable to attend live. Lennar, established in 1954, is a prominent homebuilder, focusing on a variety of housing segments while also providing financial services through its subsidiaries.

LMC, a subsidiary of Lennar Corporation (NYSE:LEN), has commenced leasing at Aya, a new mixed-use apartment community in Fremont, California. The development features 302 apartment homes and retail space, positioned between the Warm Springs BART station and Tesla's campus. Offering virtual leasing options and work-from-home amenities, Aya's move-ins start in early August. The community boasts various unit sizes with modern interiors and extensive amenities, marking LMC's eighth development in the Bay Area, contributing to its pipeline of 31,800 units valued at over $12 billion.

Lennar's subsidiary, LMC, has begun leasing at the new 19th & Harrison mixed-use apartment community in Oakland, CA. The midrise development includes 224 apartments and 3,709 sq. ft. of retail space, located in a prime entertainment area with a 99 Walk Score. Move-ins are slated for August. The community features amenities like a co-working lounge, fitness center, and outdoor spaces, catering to urban residents and commuters. This marks LMC's eighth project in the Bay Area, contributing to a significant pipeline of over 31,800 units valued at over $12 billion.

PetScreening has partnered with LMC to implement its pet risk assessment platform across 12,233 apartment homes in 40 communities. The platform streamlines pet screening and assistance animal validation processes at no cost for property management. LMC manages over $9 billion in luxury apartments and aims to enhance pet-related accountability and revenue. The initiative includes a standardized pet profile system, documenting incidents linked to pets, improving operational efficiency, and providing additional liability protection for property managers.

Lennar Corporation (NYSE: LEN, LEN.B) announced a quarterly cash dividend of $0.125 per share for both Class A and Class B common stock. The dividend is payable on July 24, 2020, to shareholders of record as of July 10, 2020. This decision reflects Lennar's commitment to returning value to its shareholders while continuing to operate as one of the nation's leading homebuilders, engaged in constructing a range of homes and providing financial services.

LMC, a subsidiary of Lennar (NYSE:LEN), has started leasing at Denizen, a new mixed-use apartment community in Portland. Comprising 212 apartment homes and 7,700 square feet of retail, Denizen offers residents a prime location near restaurants and shops. The leasing will begin in August 2020, with online options available for safety. The community boasts a Walk Score of 97 and features amenities such as a fitness center and rooftop space. Denizen is one of two developments by LMC in Portland, with a second project, Amara, set to open in 2021.

LMC, a subsidiary of Lennar, announces leasing commencement at Palmera, a luxury apartment community in Doral, Miami, featuring 440 homes. This new development aligns with green building standards, boasting upscale amenities and a prime location near retail and entertainment. Residents can enjoy various amenities, including a resort-style pool, fitness center, and coworking spaces. With a 31,800-unit pipeline exceeding $12 billion, LMC continues its commitment to multifamily real estate development.

LMC, a subsidiary of Lennar, announced the official opening of Vitri, a luxury apartment community in Scottsdale, Arizona, on June 16, 2020. The development includes 300 apartments and 38,000 square feet of retail space, enhancing the undersupplied high-end rental market in North Scottsdale. The community features upscale amenities, including a fitness center, elevated pool deck, and concierge services. Vitri is strategically located near popular restaurants and shops, contributing to the area's appeal. LMC's portfolio includes a pipeline of over 31,800 units valued at more than $12 billion.