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Lennar Reports 12% Increase in Net Earnings for Third
Quarter 2004
Financial Highlights Third Quarter * Record revenues of
$2.7 billion -- up 21% * Record EPS of $1.36 per share -- up 12% * Record
homebuilding operating earnings of $372.7 million -- up $70.7 million *
Gross profit on land sales of $53.9 million -- up $46.1 million * Equity in
earnings from unconsolidated entities of $9.7 million -- down $15.4 million
* Financial services operating earnings of $23.3 million -- down $26.0
million * Return on net capital of 21.1% (trailing four quarters) * Record
new orders of 9,338 -- up 1% * Record backlog dollar value of $6.1 billion
-- up 35% 2004 / 2005 Goals * Fiscal 2004 EPS goal increased to $5.70 from
$5.50 per share * Fiscal 2005 EPS goal increased to $6.60 from $6.00 per
share
MIAMI, Sep 20, 2004 /PRNewswire-FirstCall via Comtex/ -- Lennar Corporation
(NYSE: LEN and LEN.B), one of the nation's largest homebuilders, today
reported earnings for its third quarter ended August 31, 2004. Third quarter
net earnings in 2004 were $225.2 million, or $1.36 per share diluted,
compared to net earnings of $201.6 million, or $1.21 per share diluted, in
2003.
Full Story:
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