Full-year revenues for the locally based national homebuilder rose 32% to reach $13.9 billion. Fiscal fourth-quarter revenues from homes sales were $4.7 billion, up 39% in comparison with the same quarter a year ago.
The increase is attributed primarily to an 18% increase in the number of home deliveries and an 18% increase in the average sales price of homes delivered during the final quarter of the fiscal year. The company delivered 13,851 homes in the quarter, up from 11,716 in the same quarter of 2004. During this year's fourth quarter, the average sales price of Lennar's houses was $338,000, up from $287,000 in fourth quarter 2004.
For the full year, deliveries exceeded the company's target. It delivered 42,359 homes, "despite the 400 to 500 deliveries delayed due to the significant disruption caused by Hurricane Wilma," Miller said. Gross margins on home sales also moved up. Gross margins on fourth-quarter home sales were $27%, versus 25.6% in the same quarter a year ago.
By midday following Lennar's conference call, as the NYSE composite was losing points, shares of LEN were trading at $62.35 a share, up nearly 3% since the day's open. The 52-week high of $68.86 a share was reached on July 28, and the 52-week low of $50.30 a share occurred on May 4.
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