Lennar Finishes the Year Out Strong; Looks Ahead to Closing the WCI Deal and Continued Growth
Lennar reported strong fourth-quarter results to close out a successful fiscal 2016. The no-moat homebuilder increased fourth-quarter total revenue by 15% to $3.4 billion, and diluted EPS grew 11% to $1.34 per share. Home sales increased 10% year over year as deliveries increased 8% and the average selling price of delivered homes increased 3%. As we expected, rising land and labor costs caused homebuilding gross margin to contract year over year, but the company’s 23.3% fourth-quarter gross mar...Lennar is a homebuilder in the United States, an originator of residential and commercial mortgage loans, a provider of title insurance and closing services and a developer of multifamily rental properties. The company's homebuilding operations include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through unconsolidated entities in which it has investments. The company operates under the Lennar brand name. The company creates and participates in joint ventures that acquire and develop land for its homebuilding operations, for sale to third parties or for use in the ventures' own homebuilding operations.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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