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LENNAR Lennar Reports Second Quarter EPS of $ 2.65 Jun 16 , 2021 MIAMI , June 16 , 2021 / PRNewswire / -- • Net earnings of $ 831.4 million , or $ 2.65 per diluted share , compared to net earnings of $ 517.4 million , or $ 1.65 per diluted share - both up 61 % • Net earnings were $ 923.6 million , or $ 2.95 per diluted share , excluding the mark to market losses on the Company's strategic investments in Opendoor and Sunnova , and the gain on sale of the Company's solar business • Deliveries of 14,493 homes - up 14 % • New orders of 17,157 homes - up 32 % ; new orders dollar value of $ 7.6 billion - up 56 % • Backlog of 24,741 homes up 38 % ; backlog dollar value of $ 11.0 billion - up 56 % • Revenues of $ 6.4 billion - up 22 % • Homebuilding net margins of $ 1.1 billion , compared to $ 655.1 million • Gross margin on home sales of 26.1 % , compared to 21.6 % • S , G & A expenses as a % of revenues from home sales of 7.6 % , compared to 8.3 % • Net margin on home sales of 18.5 % , compared to 13.3 % • Financial Services operating earnings of $ 121.2 million , compared to $ 150.6 million ( including a $ 61.4 million gain on deconsolidation ) • Multifamily operating earnings of $ 22.4 million , compared to operating loss of $ 0.6 million • Lennar Other operating loss of $ 54.1 million , compared to $ 18.0 million • Homebuilding cash and cash equivalents of $ 2.6 billion • Controlled homesites as a percentage of total owned and controlled homesites increased to 50 % , compared to 32 % • No borrowings under the Company's $ 2.5 billion revolving credit facility • Homebuilding debt to total capital of 23.1 % , compared 31.2 % • Subsequent to May 31 , 2021 : • The Company retired $ 300 million of homebuilding senior notes due December 2021 • S & P upgraded the Company to Investment Grade . The Company now has an Investment Grade rating from all three agencies . Lennar Corporation ( NYSE : LEN and LEN.B ) , one of the nation's leading homebuilders , today reported results for its second quarter ended May 31 , 2021. Second quarter net earnings attributable to Lennar in 2021 were $ 831.4 million , or $ 2.65 per diluted share , compared to second quarter net earnings attributable to Lennar in 2020 of $ 517.4 million , or $ 1.65 per diluted share . Stuart Miller , Executive Chairman of Lennar , said , " We are pleased to announce our results for the second quarter where we achieved net earnings of $ 831.4 million , or $ 2.65 per diluted share , compared to $ 517.4 million , or $ 1.65 per diluted share in the prior year . Our second quarter results benefited from the exceptional performance of our core homebuilding and financial services businesses combined with robust market conditions . " Mr. Miller continued , " Excluding certain non - operational gains and losses , our second quarter net earnings were $ 923.6 million , or $ 2.95 per diluted share . This number excludes the mark to market losses on the significant stock price volatility of certain of our strategic technology investments and the gain on the sale of our solar business . " " During the second quarter , the housing market remained very strong across the country , even as interest rates mildly ticked up . A combination of strong personal savings rates during the pandemic , strong stimulus from the government and a developing return to normalcy continued to drive the economy forward while bringing the housing market to new heights . " " We ended the quarter with $ 2.6 billion in cash , no borrowings on our $ 2.5 billion revolver and a homebuilding debt to capital of 23.1 % , an all - time Company low . With regards to the previously announced potential tax - free spin - off of certain assets , given the strength of the market which has accelerated our earnings and equity growth , we have slowed progress this quarter in order to focus on upsizing the asset base of the businesses we would like to spin - off and are targeting an asset base of $ 5- $ 6 billion , compared to $ 3- $ 5 billion we discussed last quarter . "