Lennar's q1 2022 operating performance reflects continued strength in the housing market

Net earnings per diluted share were $1.69 ($2.70, excluding mark-to-market losses on technology investments) net earnings were $503.6 million ($800.2 million, excluding mark-to-market losses on technology investments) revenues increased 16% to $6.2 billion deliveries increased 2% to 12,538 homes new orders increased 1% to 15,747 homes; new orders dollar value increased 19% to $7.8 billion backlog increased 24% to 27,335 homes; backlog dollar value increased 43% to $13.6 billion homebuilding operating earnings increased to $1.1 billion, compared to operating earnings of $0.8 billion gross margin on home sales improved 190 basis points ("bps") to 26.9% s,g&a expenses as a % of revenues from home sales improved 90 bps to 7.5% net margin on home sales improved 280 bps to 19.4% financial services operating earnings of $90.8 million, compared to operating earnings of $146.2 million multifamily operating earnings of $5.4 million, compared to operating loss of $0.9 million lennar other operating loss of $403.1 million, compared to operating earnings of $471.3 million homebuilding cash and cash equivalents of $1.4 billion controlled homesites increased to 58%, compared to 45% no borrowings under the company's $2.5 billion revolving credit facility homebuilding debt to total capital improved to 18.3%, compared to 24.0% repurchased 5.3 million shares of lennar common stock for $526.3 million received board approval for a new $2 billion stock repurchase authorization miami, march 16, 2022 /prnewswire/ -- lennar corporation (nyse: len and len.b), one of the nation's leading homebuilders, today reported results for its first quarter ended february 28, 2022. first quarter net earnings attributable to lennar in 2022 were $503.6 million, or $1.69 per diluted share, compared to first quarter net earnings attributable to lennar in 2021 of $1.0 billion, or $3.20 per diluted share.
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