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Lennar Corp (LEN.N)

LEN.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Lennar Sees FY 2018 Gross Margin About 22 Pct VS 22.1 Pct In FY 2017 - Conf Call‍​
Wednesday, 10 Jan 2018 

Jan 10 (Reuters) - Lennar Corp ::LENNAR CORP SAYS THE “STRATEGIC” TRANSACTION THAT SHIFTED FROM Q4 TO Q1 2018, WILL PRODUCE MORE THAN THE Q4 SHORTFALL IN Q1 - CONF CALL‍​.LENNAR SAYS CONCERNS ABOUT CAPS ON DEDUCTION OF INTEREST PAYMENT ON MORTGAGE DEBT AND STATE AND LOCAL TAX AS PART OF THE TAX REFORM, SEEM TO BE OFFSET BY OPTIMISTIC MOMENTUM AROUND ECONOMIC GROWTH- CONF CALL‍​.LENNAR SAYS IT HAS STUDIED SPECIFIC IMPACTS OF THE TAX LAW ON ITS TYPICAL BUYER PROFILE IN EACH MARKET, AND FOUND THAT THE EFFECT IS GENERALLY POSITIVE AT THEIR INCOME LEVELS- CONF CALL‍​.LENNAR ANTICIPATES CLOSING THE MERGER WITH CALATLANTIC ON FEB. 12, 2018 - CONF CALL‍​.LENNAR SEES FY 2018 HOME DELIVERIES BETWEEN 32,000 AND 32,500 UNITS VERSUS 29,394 UNITS IN FY 2017 - CONF CALL‍​.LENNAR EXPECTS FY 2018 OPERATING MARGINS TO MATCH THE 2017 LEVEL OF 12.9 PERCENT - CONF CALL‍​.LENNAR SEES FY 2018 GROSS MARGIN TO BE ABOUT 22 PERCENT VERSUS 22.1 PERCENT IN FY 2017 - CONF CALL‍​.  Full Article

Lennar Reports Fourth Quarter EPS Of $1.29
Wednesday, 10 Jan 2018 

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.LENNAR REPORTS FOURTH QUARTER EPS OF $1.29.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.  Full Article

Lennar Corp says ‍has priced an offering of $300 mln of 2.95% senior notes due 2020​
Tuesday, 14 Nov 2017 

Nov 14 (Reuters) - Lennar Corp :Lennar prices $300 million of senior notes due 2020 at 2.95% and $900 million of senior notes due 2027 at 4.75%.Lennar Corp - ‍has priced an offering of $300 million of 2.95% senior notes due 2020​.Lennar Corp - ‍ has also priced an offering of $900 million of 4.75% senior notes due 2027.Lennar Corp - ‍2020 notes will have an interest rate of 2.95% per annum, and 2027 notes will have an interest rate of 4.75% per annum​.Lennar Corp - ‍notes will pay interest semi-annually on May 29 and November 29, commencing May 29, 2018​.  Full Article

Lennar announces offering of senior notes
Tuesday, 14 Nov 2017 

Nov 14 (Reuters) - Lennar Corp :Lennar announces offering of senior notes.Lennar - ‍ to use proceeds from offering to fund portion of cash consideration payable by co in connection with deal between CalAtlantic and co's unit​.  Full Article

Lennar to pay CalAtlantic $178.7 mln, ‍if deal terminated
Monday, 30 Oct 2017 

Oct 30 (Reuters) - CalAtlantic Group Inc :Lennar - ‍if deal terminated under certain conditions, co to pay CalAtlantic $178.7 million fee or CalAtlantic may be required to pay co $178.7 million fee.  Full Article

Lennar to buy CalAtlantic Group in about $9.3 bln deal
Monday, 30 Oct 2017 

Oct 30 (Reuters) - CalAtlantic Group Inc :‍Lennar and CalAtlantic announce business combination creating nation's leading homebuilder​.CalAtlantic Group Inc- ‍transaction valued at approximately $9.3 billion, including $3.6 billion of net debt assumed​.CalAtlantic Group Inc- ‍expect to realize $75 million and $250 million in synergies from combined co in FY 2018 and FY 2019​.CalAtlantic Group- ‍under terms of merger, each CalAtlantic share will be converted into right to receive 0.885 shares of Lennar class A common stock​.‍deal is accretive before deal costs in fiscal year 2018 and significantly accretive in fiscal year 2019​.CalAtlantic Group Inc - ‍consideration for deal is approximately 80% stock and 20% cash​.CalAtlantic Group Inc- ‍on a pro forma basis, CalAtlantic stockholders are expected to own approximately 26% of combined company​.CalAtlantic - co's stockholders will also have option to elect to exchange all or a portion of their shares for cash in amount of $48.26 per share​.  Full Article

WCI Communities says co to pay Lennar fee of $22.5 mln upon termination of merger
Thursday, 22 Sep 2016 

WCI Communities Inc : Upon termination of merger agreement under specified circumstances, co will be required to pay Lennar Corp a termination fee of $22.5 million. .If deal is terminated in connection with co entering alternative deal in respect of superior proposal, termination fee payable to Lennar is $11.25 million.  Full Article

WCI Communities Announces Definitive Merger Agreement with Lennar Corp for nearly $643 Mln
Thursday, 22 Sep 2016 

WCI Communities Inc : WCI Communities announces definitive merger agreement with Lennar Corporation for approximately $643 million . Transaction would include a portfolio of owned or controlled land totaling approximately 14,200 home sites . Transaction would be in form of a merger of WCI and a newly formed Lennar subsidiary .Says WCI will undertake a 35-day "go-shop" period.  Full Article

Lennar to acquire WCI Communities
Thursday, 22 Sep 2016 

WCI Communities Inc : Lennar to acquire WCI Communities . Transaction gives WCI a total equity value of approximately $643 million and an enterprise value of $809 million. . WCI Communities Inc says transaction has been approved by boards of both Lennar and WCI . Merger consideration for each WCI share will be $11.75 in cash, fraction of a share of Lennar class a stock with a value of $11.75 . Transaction has been approved by boards of both Lennar and WCI . Transaction valued at $23.50 per WCI share . Transaction will be in form of a merger of WCI and a newly formed Lennar subsidiary .Deal is structured in a manner intended to cause receipt of Lennar stock as a result of merger not to be a taxable event for WCI stockholders.  Full Article

Lennar reports third quarter EPS of $1.01
Tuesday, 20 Sep 2016 

Lennar Corp : Q3 earnings per share $1.01 . Q3 earnings per share view $0.89 -- Thomson Reuters I/B/E/S . Q3 revenue $2.8 billion versus i/b/e/s view $2.68 billion . Qtrly Deliveries Of 6,779 Homes - up 7% . Quarter-End backlog of 9,253 homes - up 12% . Qtrly gross margin on home sales of 22.6%, compared to 24.1% .Lennar corp says average sales price of homes delivered increased to $362,000 in Q3 of 2016 from $350,000 in Q3 of 2015.  Full Article

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