Lennar reports second quarter eps of $1.65

Lennar reports second quarter eps of $1.65.q2 earnings per share $1.65.q2 revenue $5.3 billion versus refinitiv ibes estimate of $5.21 billion.q2 earnings per share estimate $1.14 -- refinitiv ibes data.qtrly deliveries of 12,672 homes, consistent with prior year.new orders stalled significantly from mid-march to end of april, driven by covid-19 & economic shutdown.revenues from home sales decreased 5% in q2 to $4.9 billion.qtrly new orders of 13,015 homes, down 10%.by quarter's end, total new orders declined by only 10%, & deliveries ended flat year-over-year.new home deliveries, excluding unconsolidated entities, of 12,653 homes in q2 were flat versus 12,706 homes in q2 of 2019.backlog of 17,975 homes, down 6% at quarter end.now expect 2020 deliveries to be in range of 50,500 - 51,000 homes.average sales price of homes delivered was $389,000 in q2 versus $407,000 in q2 2019.sees fiscal year 2020 gross margin on home sales of about 21.5% & net margin on home sales of about 13.0%.lennar - gross margin on home sales was $1.1 billion, or 21.6%, in q2, versus $1.0 billion, or 20.1% in q2 of 2019.qtrly new orders dollar value of $4.9 billion, down 16%.sees q3 new orders between 12,800 - 13,000 homes & q4 new orders between 12,000 - 12,250 homes.sees q3 deliveries of 13,200 - 13,400 homes & q4 deliveries of 14,300 - 14,600 homes.sees q3 average sales price between $380,000 - $385,000.sees q4 average sales price of $380,000.
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