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LENNAR Lennar Reports First Quarter EPS of $ 3.20 Mar 16 , 2021 MIAMI , March 16 , 2021 / PRNewswire / - • Net earnings of $ 1.0 billion , or $ 3.20 per diluted share , compared to net earnings of $ 398.5 million , or $ 1.27 per diluted share - both up over 150 % • Excluding the pretax gain of $ 469.7 million ( $ 358.7 million after tax ) related to the mark to market of a strategic investment that went public , EPS would have been $ 2.04 per diluted share • Deliveries of 12,314 homes - up 19 % • New orders of 15,570 homes - up 26 % ; new orders dollar value of $ 6.5 billion - up 31 % • Backlog of 22,077 homes up 25 % ; backlog dollar value of $ 9.5 billion - up 32 % • Revenues of $ 5.3 billion - up 18 % • Homebuilding net margins of $ 824.8 million , compared to $ 474.3 million • Gross margin on home sales of 25.0 % , compared to 20.5 % • S , G & A expenses as a % of revenues from home sales of 8.4 % , compared to 9.2 % • Net margin on home sales of 16.6 % , compared to 11.4 % • Financial Services operating earnings of $ 146.2 million , compared to $ 58.2 million • Multifamily operating loss of $ 0.9 million , compared to operating earnings of $ 1.8 million • Lennar Other operating earnings of $ 471.3 million ( including $ 469.7 million gain related to a strategic investment that went public ) , compared to $ 0.9 million • Homebuilding cash and cash equivalents of $ 2.4 billion • No borrowings under the Company's $ 2.5 billionrevolving credit facility • Homebuilding debt to total capital of 24.0 % , compared to 33.6 % • Controlled homesites as a percentage of total owned and controlled homesites increased to 45 % , compared to 31 % Lennar Corporation ( NYSE : LEN and LEN.B ) , one of the nation's leading homebuilders , today reported results for its first quarter ended February 28 , 2021. First quarter net earnings attributable to Lennar in 2021 were $ 1.0 billion , or $ 3.20 per diluted share , compared to first quarter net earnings attributable to Lennar in 2020 of $ 398.5 million , or $ 1.27 per diluted share . Stuart Miller , Executive Chairman of Lennar , said , " We are pleased to announce our results for the first quarter of 2021 which were driven by both operational excellence as well as an extraordinary contribution from one of our technology investments . " " We achieved net earnings of just over $ 1.0 billion , or $ 3.20 per diluted share , compared to $ 398.5 million , or $ 1.27 per diluted share in the prior year . Overall , we continue to see improvement in our bottom line and returns , driven by consistent strategies that have continued to work for our company . " " In spite of a recent uptick in interest rates , the housing market remains very strong across the country . A combination of still low interest rates , strong personal savings rates during the pandemic , strong stimulus from the government , and solid household formation continue to drive demand , while the housing shortage driven by 10 years of production shortfall , defines a constrained supply . This combination indicates a sustained strong housing market with pricing power keeping pace with cost increases . " " Our first quarter results benefited from continued robust market conditions , combined with the exceptional performance of our core homebuilding and financial services businesses . Our first quarter homebuilding gross margin of 25.0 % , a 450 basis point improvement over the prior year , was partly driven by our strategy of matching sales pace with production pace and keeping price increases in step with cost increases . Both homebuilding and financial services operations have continued to benefit from our strategic technology investments which have materially driven improvements in both segments . Our homebuilding SG & A was a historic first quarter low of 8.4 % vs 9.2 % last year and reflects continued improvement as we incorporate technology driven innovation across our platform . In financial services we have continued to drive performance through technology advancements to improve our bottom line . " Mr. Miller continued , " In our first quarter we also saw the upside embedded in some of our technology investments . We are not only improving our core business by incorporating these technologies , but we also benefit from the economic upside of our investments in exceptional innovators . Our well - documented Opendoor investment ( NYSE : OPEN ) went public in the first quarter and drove $ 470 million of