Lennar Corp (LEN.N)
18 Jan 2018
Wed, Jan 10 2018
Lennar Corp on Wednesday reported a surprise drop in quarterly profit but said strong economic growth in 2018 would offset concerns about housing demand being hit by cuts to tax relief on mortgages.
* Sees FY 2018 home deliveries 32,000-32,500 vs FY 2017's 29,394
* LENNAR CORP SAYS THE “STRATEGIC” TRANSACTION THAT SHIFTED FROM Q4 TO Q1 2018, WILL PRODUCE MORE THAN THE Q4 SHORTFALL IN Q1 - CONF CALL
* IN QUARTER 8% INCREASE IN AVERAGE SALES PRICE OF HOMES DELIVERED
Jan 10 No. 2 U.S. homebuilder Lennar Corp reported a 12.1 percent rise in quarterly revenue as it sold more homes at higher prices, and said orders rose 11.5 percent.
* 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 Source text for Eikon: Further company coverage:
Lennar Corp will buy smaller rival CalAtlantic Group Inc for $5.7 billion (£4.3 billion), creating the largest homebuilder in the United States as it strives to deal with higher land acquisition costs and a tighter labour market.
Lennar Corp will buy smaller rival CalAtlantic Group Inc for $5.7 billion, creating the largest homebuilder in the United States as it strives to deal with higher land acquisition costs and a tighter labor market.
* Offer represents a 27 pct premium to CalAtlantic's Friday close
* 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 Source text for Eikon: (http://bit.ly/2A0pyo0) Further company coverage: