MIAMI - Home builder Lennar Corp. ended its 2011 fiscal year with new orders up 20 percent for the year, and a 35 percent increase in its sales backlog.
"We have seen the market start to stabilize, driven by a combination of low home prices and low interest rates, making the decision to purchase a new home more attractive, compared to the heated rental market," said Stuart Miller, CEO.
Miller says Lennar benefited from our strategic capital investments in new higher margin communities, which helped it produce a 21.6 percent gross margin in the fourth quarter.
Net earnings fell slightly to $30 million for the quarter. Revenues from Lennar's home sales increased 13% in the fourth quarter of 2011 to $816.5 million from $725.8 million in 2010.
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