January 10, 2018 / 11:22 AM / 7 months ago

BRIEF-Lennar Reports Fourth Quarter EPS Of $1.29

Jan 10 (Reuters) - Lennar Corp:

* QTRLY REVENUES OF $3.8 BILLION - UP 12%

* IN QUARTER 8% INCREASE IN AVERAGE SALES PRICE OF HOMES DELIVERED

* QTRLY DELIVERIES OF 8,633 HOMES - UP 5%

* QUARTER-END BACKLOG OF 8,935 HOMES - UP 17%; QUARTER-END BACKLOG DOLLAR VALUE OF $3.6 BILLION - UP 23%

* QTRLY NEW ORDERS OF 7,357 HOMES - UP 12%; NEW ORDERS DOLLAR VALUE OF $2.8 BILLION - UP 18%

* TAX REFORM BILL WILL REDUCE EFFECTIVE TAX RATE IN 2018 FROM 34% TO ABOUT 25%

* LENNAR - EXCLUDED FROM 2018 EFFECTIVE TAX RATE IS 1-TIME NON-CASH WRITE-DOWN OF DEFERRED TAX ASSETS OF ABOUT $70 MILLION WHICH WILL BE RECORDED IN Q1 2018

* Q4 EARNINGS PER SHARE $1.29

* Q4 EARNINGS PER SHARE VIEW $1.48 — THOMSON REUTERS I/B/E/S

* QTRLY GROSS MARGIN ON HOME SALES OF 22.4%, COMPARED TO 23.3%

* LENNAR - ONE-TIME NON-CASH WRITE-DOWN OF DEFERRED TAX ASSETS, WHICH WILL BE RECORDED IN Q1 OF 2018, WAS AS RESULT OF LOWER EFFECTIVE TAX RATE

* “MISSED Q4, BOTTOM-LINE GUIDANCE BECAUSE A SINGLE, STRATEGIC TRANSACTION SHIFTED INTO Q1 OF 2018”

* LENNAR - “ENTHUSIASM FOR STRENGTH OF ECONOMY, COMBINED WITH ADDED TAILWINDS OF RECENT TAX LAW CHANGES, CONTINUE TO PROPEL HOUSING MARKET FORWARD”

* Q4 REVENUE VIEW $3.57 BILLION — THOMSON REUTERS I/B/E/S

* IN DEC 2017, TAX CUTS AND JOBS ACT WAS ENACTED WHICH WILL HAVE A POSITIVE IMPACT ON CO’S EFFECTIVE TAX RATE IN 2018, SUBSEQUENT YEARS Source text for Eikon: Further company coverage:

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