Welcome to our dedicated page for Lennar Corporation news (Ticker: LEN), a resource for investors and traders seeking the latest updates and insights on Lennar Corporation stock.
Lennar Corporation, founded in 1954 in Miami, Florida, is one of the nation's leading homebuilders known for constructing homes for first-time, move-up, luxury, urban, and active adult buyers. Operated under the founding principles of quality, value, and integrity, Lennar has a robust presence across 19 states and more than 44 markets in the United States.
Lennar's core business includes homebuilding operations targeting a wide range of buyers primarily under the Lennar brand name. Beyond homebuilding, the corporation provides comprehensive financial services through Eagle Home Mortgage and North American Title, offering mortgage financing and related services to homebuyers.
Recent achievements highlight Lennar's robust market presence. The company has launched 'Everything's Included' homes nationwide, ensuring that popular options and upgrades like stainless steel appliances, quartz countertops, and designer fixtures are built into the base price of every home. Furthermore, Lennar's financial performance remains strong as evidenced by their latest earnings report showing a significant increase in net earnings compared to the previous year.
Currently, Lennar is actively selling homes at Stonegate Preserve, a new master-planned community in Palmetto, Florida. This development, comprising nearly 800 homes at completion, offers a variety of home designs with modern amenities such as a clubhouse, pool, and fitness center. The homes are available in various floorplans, including the innovative Next Gen® models designed for multi-generational living.
In addition to homebuilding, Lennar has a significant footprint in rental housing through Quarterra Multifamily, developing and managing high-quality multifamily rental properties. Recent projects include Emblem Shakopee and Emblem Oswego, addressing the demand for attainable Class A suburban apartments, and Renata in Santa Rosa, California, focusing on fostering community connectivity and healthy lifestyles.
Financially, Lennar demonstrates a strong balance sheet with substantial liquidity. The company's strategic focus on an even flow operating model and land-light strategy has resulted in improved operational efficiencies and robust financial performance.
Lennar's commitment to innovation is evident through LENX, which drives the company's technology initiatives and strategic investments in housing-related startups. This dedication to forward-thinking solutions positions Lennar as a significant player in the evolving real estate market.
For more information, please visit Lennar's official website or connect with Lennar Associates and Business Partners on LinkedIn.
Quarterra Multifamily, a subsidiary of Lennar Corporation (NYSE:LEN, LEN.B), has commenced leasing at Miller & York, a new urban community in Charlotte's vibrant LoSo neighborhood. This 273-home development offers studio, one- and two-bedroom apartments, equipped with smart technology and modern amenities. Residents will enjoy a resort-style pool, clubhouse, fitness center, and access to a variety of dining and entertainment options in the area. The community's strategic location provides easy access to major thoroughfares and public transit, enhancing connectivity for residents. As Quarterra's fourth active community in Charlotte, Miller & York aims to offer a blend of lively urban living and a peaceful home environment.
Lennar Corporation (NYSE: LEN, LEN.B) has announced a quarterly cash dividend of $0.375 per share for both Class A and Class B common stock. This dividend is set to be paid on May 10, 2023, to shareholders on record as of April 26, 2023. Founded in 1954, Lennar is a prominent homebuilder in the U.S., offering homes across various segments including affordable, move-up, and active adult homes. The company also provides mortgage services through its Financial Services segment and develops high-quality multifamily rental properties.
Quarterra Multifamily, a subsidiary of Lennar Corporation (NYSE: LEN, LEN.B), has announced the launch of leasing for Rowan, a new 360-home apartment community in Sparks, Nevada. This garden-style community aims to provide a modern, active lifestyle amidst the scenic Truckee Meadows. Rowan features 1 to 3-bedroom units, each equipped with high-end finishes, energy-efficient systems, and keyless entries. Residents will enjoy access to various amenities including a luxurious pool, fitness center, and pet facilities. Located near outdoor attractions and major tech employers, Rowan seeks to attract families and professionals seeking a vibrant living experience. This is Quarterra's first community in Nevada, reflecting its commitment to expanding its multifamily portfolio.
Lennar Corporation (NYSE: LEN, LEN.B) reported strong first quarter 2023 results, with net earnings increasing by 22% to $597 million, or $2.06 per diluted share. However, excluding mark-to-market losses, earnings showed a 21% decrease compared to last year. Home deliveries rose 9% to 13,659 homes, while new orders fell by 10% to 14,194 homes, reflecting a challenging market. Backlog decreased by 29%, and gross margins on home sales dropped by 570 basis points to 21.2%. The company maintains a robust balance sheet with cash reserves of $4.1 billion and no borrowings, signaling operational strength amid fluctuations in interest rates.
Lennar Corporation (NYSE: LEN, LEN.B) announced it will release its first-quarter earnings for the period ending February 28, 2023, after market close on March 14, 2023. A conference call will take place on March 15, 2023, at 11:00 a.m. Eastern Time to discuss the results. The call will be accessible via a live webcast on Lennar's investor website, with an archived version available for 90 days. Founded in 1954, Lennar is a major builder of quality homes in the U.S., offering diverse living solutions and mortgage services. For further details, visit www.lennar.com.
Quarterra, a subsidiary of Lennar Corporation (NYSE: LEN, LEN.B), has launched Emblem Riverside in Douglasville, Georgia. This new garden-style community adds 320 apartment homes to the area, enhancing the availability of attainable housing for middle-income renters. With easy access to major transportation routes and close proximity to job centers, the development is strategically located to serve over 525,000 workers in Atlanta's logistics corridor. A Phase II expansion is expected in September 2023, adding 105 more homes. Emblem Riverside features modern amenities and caters to suburban lifestyles while providing convenient access to urban employment opportunities.
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