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LENNAR Lennar Reports Third Quarter EPS of $ 4.52 Sep 20 , 2021 MIAMI , Sept. 20 , 2021 / PRNewswire / • Net earnings of $ 1.4 billion , or $ 4.52 per diluted share , compared to net earnings of $ 666.4 million , or $ 2.12 per diluted share - both up over 100 % • Net earnings were $ 1.0 billion , or $ 3.27 per diluted share , excluding the mark to market gains on the Company's strategic investments ● Deliveries of 15,199 homes up 10 % ● New orders of 16,277 homes - up 5 % ; new orders dollar value of $ 7.5 billion - up 19 % • Backlog of 25,819 homes – up 31 % ; backlog dollar value of $ 12.0 billion - up 52 % ● Revenues of $ 6.9 billion - up 18 % • Homebuilding net margins of $ 1.3 billion , compared to $ 826.6 million Gross margin on home sales of 27.3 % , compared to 23.1 % • S , G & A expenses as a % of revenues from home sales of 7.0 % , compared to 8.0 % • Net margin on home sales of 20.3 % , compared to 15.1 % • Financial Services operating earnings of $ 111.9 million , compared to operating earnings of $ 135.1 million • Multifamily operating loss of $ 9.4 million , compared to operating loss of $ 5.1 million • Lennar Other operating earnings of $ 492.0 million , compared to operating earnings of $ 8.0 million • Homebuilding cash and cash equivalents of $ 2.6 billion ● Controlled homesites as a percentage of total owned and controlled homesites increased to 53 % , compared to 35 % • No borrowings under the Company's $ 2.5 billion revolving credit facility Retired $ 300 million of homebuilding senior notes due December 2021 • Homebuilding debt to total capital of 21.2 % , compared to 29.5 % • Repurchased 2.5 million of Lennar Class A common stock for $ 246.4 million at an average per share price of $ 98.53 • 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 third quarter ended August 31 , 2021. Third quarter net earnings attributable to Lennar in 2021 were $ 1.4 billion , or $ 4.52 per diluted share , compared to third quarter net earnings attributable to Lennar in 2020 of $ 666.4 million , or $ 2.12 per diluted share . Stuart Miller , Executive Chairman of Lennar , said , " During the third quarter , our company and the homebuilding industry as a whole continued to experience unprecedented supply chain challenges which we believe will continue into the foreseeable future . As a result , our third quarter deliveries of 15,199 homes were about 600 homes below the low end of our guidance . Additionally , we are adjusting our fourth quarter delivery guidance to , more or less , 18,000 homes , reflecting this supply chain constraint . " Mr. Miller ntinued , " Despite missing our delivery guidance , new home demand remains strong , even as the market reverts back to traditional seasonality . This is reflected in our 5 % year over year sales growth and third quarter homebuilding gross margin of 27.3 % , which was the highest quarterly percentage in the Company's history , and a 420 basis point improvement over the prior year . The improvement was driven by price appreciation as revenue per square foot increased 14 % while cost per square foot only increased 8 % . Our homebuilding S , G & A of 7.0 % was the lowest quarterly percentage in the Company's history , even with the delivery shortfall , and reflects continued improvement as we incorporate technology driven innovation across our platform . Accordingly , our net margin was 20.3 % , an all - time Company record , and was the primary driver of our third quarter net earnings of $ 1.0 billion , or $ 3.27 per diluted share , excluding mark to market gains on our public strategic technology investments . " " During the quarter , several of our strategic technology investments went public . Despite some of our investments currently trading at the lower end of their price ranges , they contributed about $ 500 million of mark to market gains during the quarter . This resulted in reported GAAP third quarter net earnings of $ 1.4 billion , or $ 4.52 per diluted share , compared to $ 666.4 million , or $ 2.12 per diluted share in the prior year . " " 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 21.2 % , an all time Company low . Our land lighter model resulted in incremental cash flow generation during the third quarter which we used towards an early debt reduction of $ 300 million and the repurchase of about $ 250 million of our common stock . These transactions combined with our significant earnings contributed to a return on equity of over 20 % . " Rick Beckwitt , Co - Chief Executive Officer and Co - President of Lennar , said , " Our third quarter community count ended flat year over year primarily due to land supply chain challenges as approvals for permits and entitlements have also been delayed . As a result , we believe our